If you are a homeowner, a buyer, or simply someone interested in garages, one of the questions on your mind is “How much is a garage worth?”
Of course, the issue here is how much a garage will add value to your property, or does it? This article aims to answer that, so read on.
Does a garage add value to a property?
A garage is a beautiful enhancement to any home, and having one can raise the market value of your home significantly. It is not only suitable for carefully storing your vehicles, but garages are also popular commodities in the real estate market for varied reasons.
From taking advantage of the area as a workshop for your DIY needs to keeping all of your recreational equipment in there, homebuyers favor homes with garages, notably ones that give extra storage benefits.
Are garages a good selling point?
Aside from the evident advantage of keeping your car safe, garages add value to your home because they bring added square footage that you can use for other tasks. For instance, if you live in a rural neighborhood, a garage can save you many troubles when it comes to locating safe and protected parking.
Also, if you enjoy woodwork or other hobbies, the garage is the ideal place to keep your supplies and have a private refuge away from the hustle and bustle of the primary home.
If you require an extra room in your home, you can always convert the garage space can for use by adding air conditioning and renovating it. The opportunities are limitless.
Most homebuyers also prefer properties with a garage. If they find one that does not have one, they will simply cross that out from their list of options.
Cost of adding a garage
If you want to know the average cost to build a garage, it usually is between $16,843 to $37,819. Still, this will differ considerably depending on the size of the garage and whether it is attached or detached.
For a single-car attached garage, you can expect to shell out anywhere between $7,500 and $10,000. For a two-car attached garage, you will pay up to $27,000.
A detached garage could cost between $9,000 to $12,000. But if you prefer to add electrical or plumbing systems, it might cost you $14,000.
How much value can a garage add to my property?
The value a garage adds depends on the kind and size of the garage you have. Consider also where your home is situated. For instance, if you have a lot of on-street parking accessible to the entire neighborhood, a garage may not be as useful.
According to the Redfin survey, properties with a garage sell for an average premium of 12%, though in some areas it is four times that!
So if you are having second thoughts about building that garage, this article hopefully helped change your mind as having a garage will certainly benefit your home.
