How much does it cost to build a new garage? – Bankrate.com

H. Armstrong Roberts/ClassicStock/Getty ImagesAdding a garage to your property is an excellent way to increase its value. A garage can be used to store vehicles or as a workshop, which is appealing to homebuyers. However, adding one requires a considerable investment of time and money.

The cost depends on whether you build a one-car or two-car garage, the materials used and the contractors fees. The first step isto understand the costs and draw up a realistic budget.

Homeowners in the United States spend an average of $24,588 to build a two-car garage. More elaborate structures could soar to $50,000, but in most cases the cost falls between $15,153 and $34,145. Garages offer approximately an 81 percent return on investment.

Before drafting a budget for the project, you need to consider how big you want your garage to be, where you intend to place it in relation to the house, and what kind of functionality you expect. At a minimum, answer the following questions:

From tearing down an existing structure to installing the electrical components in the new structure, building a garage incurs a number of costs that you need to factor into your budget.

Adding on a garage is expensive. A home equity loan can be a great way to pay for it.

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How much does it cost to build a new garage? - Bankrate.com