What is the value of a garage?
As we enter the season that brings torrents of pine straw or falling snow, you may notice that people are using their garages more than in recent months. For me this brought up a lot of random but connected thoughts: what is the value of a garage? Is it better to have a garage door or two? What is the difference in value for homes with one or two car garages? How much value do you lose or add to a house if you turn the garage into a living space? Is it cheaper to pay for a storage unit or to use your garage … if you have a storage unit, you can keep your car protected from the elements and that could reduce maintenance costs, but by how much? Which is better: having an attached garage or a detached garage? What about houses that have garages and then a storage shed … what’s the difference in value?
So, I did a little research, checked blog posts, professional opinions, and even checked home advertisements from my local area. I found that the value of a garage is based on 1) personal preference and 2) location. Below are some of the facts and opinions I found:
For the most part, car and home owners agree that garages or carports are almost a necessity. As for the monetary value, depending on your location, garages tend to add between $ 5,000 and $ 15,000. However, the cost of building a detached garage can easily outweigh the value of a year of education at a private college. Which leads me to the conclusion that most buyers or renters are looking for homes that are already equipped with protection for their car.
According to blog posts, open forums, and social media, I found that many people will use half a two-car garage for storage, they will be content with a two-car garage even if they have 3 or 4 vehicles, and that’s if the garage en Used to protect vehicles, people prefer a large door because it reduces the possibility of accidents in the garage.
The only question I had but couldn’t find an easy answer to was how much value can you add to a home by converting the garage to an apartment or if the added value would exceed the value lost by altering the space if you decided to sell.
In general, it seems that homeowners and / or renters expect garage units, and if homes often prefer the attached garage over the detached one, and while a garage can increase the monetary value of a home, the intrinsic or emotional value is the same, if not more.