Homeowners are being urged to complete this one renovation to add up to £48,000 to their home's value.
51% of Brits rarely or never use their garage to park their car, according to new research.
The Admiral Money research also revealed that the country could build nearly 600,000 homes in space wasted by unused garages.
In the survey of 1,001 respondents, the researchers found that only 16% have converted their garages, despite 41% saying they want to do so.
Property Specialist, Charlie Syson, told Admiral Money: “Converting your garage into habitable living space is the most valuable conversion you can do with your property, as this requires no planning permission and most of the time, no structural work, therefore it is a very cost-effective way to increase square footage and living area".
The upfront conversion cost might be off-putting to homeowners but it could considerably increase the value of the property.
Charlie added: “Although an upfront conversion cost could be off-putting, homeowners can increase the mortgage on their house to renovate the garage, which could increase property value by over £48,000 on average across the UK, according to recent figures, and by up to £150,000 in some London postcodes".
“Many properties may have garages, however, the practical need or use for one is very situational. For example, you may wish to have a garage if you have a car and want to keep it off the road, however, most modern cars are often too wide to fit into a garage.
“Most people who own electric vehicles would prefer a driveway and will charge their cars there as it’s more effort to drive the vehicle in and out of a garage, especially in a city.”
How much would a garage conversion cost?
The basic cost of converting a garage can start out at £6000 with a full conversion being estimated to cost between £10,000 and £20,000, according to Admiral Money.
The insurance company's research also revealed that the majority of homeowners who have converted their garage do so to increase living space (67%).
The most popular living space choices include utility rooms and offices.
While 24% prefer to transform their space into rooms for leisure, opting for bars, home cinemas and gyms.
Scott Cargill, UK CEO of Admiral Money, commented on the research: “Few of us still use our garages to park a car, so converting a garage could be the perfect adjustment to add space, reinvent any wasted space and importantly, add value to your home.
“As with any big home improvement plans it’s important for homeowners to think carefully about how to finance their conversion and consider the APR on offer for their finance, ensuring that any monthly repayments are affordable alongside other financial commitments.
“While converting a garage will add square footage to a home and could give you the extra room you’ve always wanted, the ultimate value of the renovation won’t be realised until the home is sold, so this will need to be given the same consideration as any other large financial purchase.
“Homeowners can find more advice and tips for maximising their garage on our website.”
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