Why having a garage ups the resale value on your home

September 25, 2014

No matter what your situation is, you always want your home to be appraised for it’s highest value.  Whether you’re selling your property or not, having a garage will ensure a higher market value to your home. Not only will the garage provide a huge amount of storage space, add extra square footage and a place for your car to be parked, it will actually up the value of your home! A garage adds square footage, which automatically boosts the homes value. The findings from a study done in 2003 at the Florida State University claim that the mere existence of a normal sized garage had a 13% effect on the price of the home! This means that your garage is worth the price of your home times 13%.  If you’re home is worth 200,000 $, the garage is worth 200,000 x 0.13.  In a more recent report in “Remodeling Magazine”, it claims that an addition of a garage that costs around 48,000 $, could add around 31,000$ to the home’s resale value. A homeowner who decides to remodel at this price could get back up to 63 % of the cost of the garage!

Many Factors are considered when appraisers determine the value of your home. The neighborhood, location, price of other homes in the area, style, condition, renovations done by the homeowner, and size of the garage (if there is any). A homeowner can always build a garage that’s attached or detached to the home. An attached garage is more preferred these days to a one car detached garage. You must make sure that if you do decide to add a garage, ensure the design matches the rest of the home. It won’t look right if it doesn’t blend properly. This is where it tends to become quite pricy. Although, you must always remember that appraisers will take the garage into consideration. If most of the homes in your neighborhood have garages and you do not, this will negatively affect the appraisal. Not only will they take into account the actual presence of a garage but the same applies for the size of the garage as well. If all the homes around you have three car garages and you only have one to two, it will reduce the homes value. 

On the other hand, you must make sure your garage is in decent condition. Some homeowners decide to tear it down (if it’s detached), although this will bring down the value on their home.  Buyers are much more likely to purchase the home if the garage is properly maintained. A dirty and unorganized space will reflect poorly on the homeowner. Always remember to clean the space regularly and organize all the items in an efficient manner. You can take a different route and add value to your home by renovating and making improvements to an existing garage.  Another article found in “Remodeling Magazine, reports that installing a new garage door that costs around 1,500 dollars can add 1,000 dollars to the homes value. Reimbursing the homeowner by up 70 %!

For more information about garage’s, garage storage and garage solutions more visit: onwallsolutions.com