Garage Conversions: Safety and Value Issues for Real Estate
Occasionally a garage conversion will be done with care so that the exterior of the conversion matches and harmonizes with the rest of the house. The only giveaway is the presence of the driveway that leads directly to the house. The quality conversion interior will be on par with the rest of the home, adequately insulated, heated and cooled, and have adequate windows and an exterior door to allow access, ventilation and natural light. By contrast, the economy conversion will have few or none of these conveniences.
Safety is a primary concern due to the possibility of fire. A garage conversion with no windows or exterior doors is a fire hazard, as anyone trapped in that area when a fire blocks its way to the rest of the house can die. And since garages are often adjacent to the kitchen where most fires start, the potential for disaster is very real and every second counts. Every room in a house should have a way to escape from a fire. At a minimum, there should be one window that can be opened easily and is large enough for an adult to slip through quickly. A door that opens to the outside is a thoughtful addition.
An additional consideration is the quality of the wiring and the type of heating in the garage conversion. Faulty wiring and/or unsafe use of appliances can cause a fire. Freestanding unvented “space” heaters pose a carbon monoxide poisoning threat.
Converting a garage creates a lack of covered parking space and often results in decreased storage space. Only when the site is large enough and building separation lines do not interfere, can additional covered parking be physically and legally provided.
Value considerations derived from the above
It stands to reason that a good quality garage conversion will add more value to a home than a cheap one. The very inexpensive conversion where the overhead doors were blocked off and some inexpensive floor coverings added is probably best converted back to garage space as the cost would have to be minimal to offer a garage again. This minimum restoration cost can be offered as a price concession if the owner is unwilling to restore prior to closing. But even good quality conversion poses the problem of a lack of covered parking if there is no separate garage structure or at least a carport. The owner and agent should anticipate a reduction in the value of this factor. How much reduction in expectation is a matter of patient investigation.
A garage conversion should always be carefully inspected by a qualified real estate inspector, and this will normally be included as part of the whole house inspection process. In Texas, such inspectors must have a state license. Such an inspection must reveal health, safety or structural problems and the cost of making the repairs may also be offered as a price concession unless they become a requirement of the lender as a condition of making the loan.