While many homes in Minnesota are large, their prices are also increasing fast. According to Zillow, the average value of a property is $277,000. By next year, though, it could increase by 10%. It already rose by at least 6% from the previous year.
If you prefer to live in the city, you are more likely to buy a small home for a more affordable price. But usually, when you do that, you sacrifice some things. One of these is a garage. Building one could already set you back by over $14,000, depending on the quality and design.
How can you protect your vehicle from natural elements without breaking the bank and still affording an urban home? The answer may be a carport.
Why a Carport Makes Sense
Carports are underrated structures that can offer plenty of benefits to car owners:
1. They Are Cheaper and Easier to Install and Maintain
Like a garage, carports will also need a foundation and sometimes a slab. However, they need fewer pieces of equipment and supplies to build. In turn, they are more affordable to install.
They are also versatile regarding design. You can contact a metal roof specialist if you want a covering that’s lightweight but durable.
Metal roofs can also withstand extreme changes in temperature. In Minnesota, temperatures can be scorching hot during summers at 30 degrees Celsius but drop to below freezing by winter.
On average, a carport installation costs less than $8,000. If you prefer something basic, you may spend less than a thousand dollars.
2. Carports Can Increase the Property’s Home Value
Some additions can increase the value of your home, which works to your advantage. If you want to sell it, then you can ask for a higher asking price. If you’re thinking of getting a loan with your property as collateral, you may negotiate better terms.
But how much does it add to your property? Many factors can affect the figures. However, experts believe that it can be as much as $10,000. The returns may be higher if:
- The quality of the carport is superb
- It can accommodate more than one car
- It is attached to the home
- The carport is well maintained
- It doesn’t cost a lot to maintain
3. It Can Reduce Car Ownership Costs
Owning a car isn’t cheap. According to the AAA, the average annual cost of driving a brand-new vehicle in the United States is already over $9,000. It already increased by 5% compared to last year. But in some states, it can be cheaper because of factors like insurance and taxes.
Minnesota isn’t one of the most expensive states to own a vehicle, but it is not the most affordable. Money-wise revealed that a car owner spends at least $2,600 a year. On the other hand, Insurance.com shared that, in five years, total car ownership spending could reach $26,000.
Fortunately, a carport may help lower car ownership costs:
- It protects your vehicle from natural elements such as extreme heat, snow, and rain. Nature can be your vehicle’s enemy. Sunlight can cause the color to fade away, while snow can increase moisture and corrosion risk. All these can depreciate your vehicle more quickly.
- It can decrease insurance costs. The average car insurance cost in the state is $900, according to Money-wise. However, if your car is in good shape, you may have a lower premium.
Carports are not for everyone. They are not as secure as garages, for instance. However, they can protect your vehicle even if you have a tight space. They are cheaper to install and maintain, and they could be just as effective as garages in decreasing your car ownership costs.