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Yes, there are a few different ways you can finance new construction. Some lenders offer new construction loans that cover the building costs and then convert to a standard mortgage once construction is complete. Some custom homebuilders also offer financing options that only require a down payment before you begin the building process. Construction loans are possible, as well, although they typically only cover the building process, and you’ll need to pay in full once the house is completed.

Most contractors aim for about a 20% profit on a job, leaving themselves room for unexpected expenses or delays. After accounting for materials, labor, and insurance, the profit margin for most contractors is between 10% and 20%. Fluctuating costs of materials and labor affect the ultimate percentage.

The cost to convert a carport into a garage averages about $22,000, ranging from about $15,000 and $55,000. Additional cost factors to consider include size, time of year, and how much of the carport you can reuse. Other cost factors include the kinds and amounts of materials used, such as:

• Add insulation: $1 per square foot

• Add drywall: $1–$3 per square foot

• Add window: $450–$2,000 per window

• Add outlets: $75–$500

• Add garage door: $250–$11,200

• Enclose framing: $5–$13 per square foot

• Replace roofing: $1,000–$2,000

While the primary purpose of a garage may be to create a secure, weatherproof space to park your vehicles, there are other reasons to consider building one. A garage can increase your home’s value, for one thing.

Having a garage also gives you a bit of extra storage and possibly living space. You can build a two-story garage and use the upper area as a rec room or lounge space. If you finish the second floor of the garage, you may even be able to rent it out.