We’re thinking of installing a home gym, but it’s a pretty big investment. So will it actually add any value to our house?
Building a home gym will not necessarily add any value to your home, but could help to increase its perceived value in a competitive property market. The real value of a home gym comes from savings on gym fees and the health benefits of regular exercise.
Join us as we flex our writing muscles to explain the subject of home gym value in more detail, and discover what you should and shouldn’t do when installing your own home gym to make it more attractive to potential buyers in future…
Does a Home Gym Really Increase Home Value?
Experts say – maybe, but probably not. A home gym is not on the short list of things that have high probabilities of returning your actual investment dollars.
But. There is a difference between a home’s actual value and it’s perceived value. Both are important when it comes to selling your home. A home gym might be an important differentiator in a hot market.
To help answer the question, experts recommend checking in with two or three realtors in your area. Arrange for them to come to your home. Give them the tour and then sit down and talk through your plans. Have a gym budget number handy and a plan for when you might be selling.
Today’s real estate market is pretty crazy. It’s smoking hot in some areas and just meh in others. Local realtors won’t have crystal balls, but they can tell you about the market trends in your area. Having a home gym might improve the value of a high end home in a hot market.
If you decide to go forward with the gym, experts advise against replacing a bedroom with a gym because bedrooms are valuable (unless you have 5 or more bedrooms).
Basements are a better bet. Experts say to make sure the space is obviously a gym space with floor mats, and nice looking equipment. Make the gym space inviting with paint and decor staging. No sweaty towels or stinky shoes.
Here are 13 ways to boost your home’s value, from Home & Gardens.
How Much Does a Home Gym Add To Property Value?
Will you get your money back when you sell your house? It depends on how much you spend, the type of house you have and what the market is like when you are ready to sell. We’ve compiled costs for home gyms, listed below.
Experts say that, on average, a home gym will cost between $3,500 and $25,000. But the range of costs for adding a home gym varies between $100 and $60,000.
That’s the difference between a yoga room (mat, straps and blocks for $100) and a brand new, 200 square foot build out addition to your home.
If you are using some space in a finished basement, you might spend around $13,500 for flooring and cardio equipment.
On the high end, if you have to add a room to your home, you might spend up to $60,000. This number includes the new foundation, walls, equipment, and a home sauna.
When you put your home on the market, be sure to state that it has a “home gym”. Use those words in your home description so folks can find you in searches. Try to get the most value you can by marketing specifically to those folks who value home gyms.
What’s The Best Setup For a Valuable Home Gym?
For the most valuable home gym, lean in. Go for it. Set it up to be a great gym. Don’t try to hide your exercise equipment in a closet.
If you like to do circuits, then make sure to set your space up to flow. Hang up or have a bench for kettlebells and dumbbells. Don’t leave them on the floor as tripping hazards.
Floor mats are a good idea for safety and sound-proofing. They will also help designate the space as a workout space. Your home gym room should be well ventilated, cool in the summer and warm in the winter.
Essential Home Gym Equipment
- Barbells and weight plates. Key piece of equipment for strength training. Barbells need a relatively small amount of space, are fairly inexpensive and versatile.
- Squat rack. This is the rack that holds the barbells and weights. It is essential if you lift alone so you can safely rack the weights. Squat racks are modular.
- Weights bench. Quintessential bench for pressing weights.
- Dumbbells. Check out the adjustable ones if you don’t have much space.
- Pull up bars or gymnastic rings. Can have a pull up bar on your squat rack or in a doorway. Gymnastic rings are super cheap and are easy to hang.
- Cardio device like a bike, sled, or rower.
- Exercise mats & flooring. Make sure you have a high-quality, non-skid flooring.
Here’s a video on 10 home gym essentials.
What To Avoid When Setting Up Your Home Gym (That Will Put Buyers Off)
The percent of folks who will give you value for your home gym is small, but they are serious about their workouts.
Your home gym should be serious as well. Avoid cheap room conversions. You won’t get any value from a buyer if the gym space is poorly finished.
Your exercise room should be bright, clean and cheerful. Yes, add some posters or bright wall murals but avoid making it too fashionable. No wall-length mirrors.
Avoid putting heavy equipment or having your weight lifting space on tile, cement or carpet. Floors should be durable, sound proof and skid proof.
If you don’t have the money for a new build space, make sure that the space you use has the lighting, cooling and heating that will work with heavy exercise. If you live in a humid climate, a dehumidifier will help keep the room fresh.
If your home gym includes rope jumping, weight lifting and has heavy equipment, you should probably set it up in a downstairs room. No one wants to have someone jumping rope in the room above them.
Is The Real Value of Your Home Gym The Money You Save On Gym Fees?
Yes. Gym fees are expensive. But even then – it’s not all about the money.
The math is easy. Add up gym fees and the cost of getting to the gym and back again on a monthly basis. Multiply the monthly cost times the number of months you think you will stay in your home. How much could you spend on a home gym to make it worthwhile?
Gym memberships range from $10 to $200 a month. Experts say that the average gym membership in the United States is around $50. Let’s say you drive a pickup truck and the gym is 10 miles away. That makes a round trip roughly $3. If you like to work out 4 times a week, that’s $12 for transportation.
The total cost of working out at the hypothetical gym per month is around $62. If you plan on staying in your home for five years, you could make a $4,000 investment on a home gym and break even on the investment. Or, if your gym budget is $1,000, then you’ll have that investment paid off in 16 months.
But it’s not just about the money. A home gym is open all the time, even during pandemics. The only germs you breathe in will be your own.
A home gym is, well, at home. No driving time. No time spent away from your loved ones. Not only that, but your loved ones can hang around and be inspired by your hard work.
No fashion police. You won’t have to buy those stupidly expensive matching gym outfits. Bah.
Experts say that having a home gym makes those New Year’s fitness resolutions much more successful. Studies have shown that even a 20 minute workout 4 times a week will help you stay healthy and fit.
But who wants to drive 45 minutes for a 20 minute workout? When you have a gym in your home, chances are you will find those 20 minutes and stick to your resolution.
Here’s a nice article on whether a home gym will actually save you money.
Spending your hard earned cash on a home gym is a big investment – and won’t necessarily boost the value of your house.
However, if you value your health and can afford the outlay, then installing a well-equipped home gym could not only save you some serious dollars on gym fees – but could help you lead a healthier life for longer.
I guess it’s time we took the plunge and put one in ourselves. 🙂