I often get asked the question, “Do garages add value?”
The pictures here are from a project I’m finishing right now. In the case of this specific home, a garage addition made perfect sense. However, before you decide if a garage addition is right for you, ask yourself these four questions.
- What’s Your Current Parking Situation?
If you have no garage and have to park on the street or play musical chairs when someone has to leave, a garage could solve a major problem, as well as significantly increase the value of your home.
- Are Garages Common in Your Neighborhood?
If over half the homes in your neighborhood have a garage and your home does not, then adding a garage would add a significant amount of value to your home. If you just want an extra garage to store your toys or stuff, keep in mind this may not have the same impact to the value of your home.
- Will It Work On Your Lot?
An addition of a garage, attached or detached, requires you to meet not only building but also zoning requirements. These rules could keep you from adding a garage all together, locating it in an undesirable location, or taking up too much of your existing lot.
- Do the Dollars Make Sense?
The price of a garage can vary greatly, and this is the biggest factor to consider when thinking about adding a garage. Detached garages can be less expensive to build than attached garages. However the devil is in the details. For example, if you have a sloped lot or need a long driveway poured to access the garage, the cost can rise quickly.
The bottom line is weigh your options carefully. I’ve fixed and sold hundreds of properties, but in most cases a garage addition didn’t make financial sense for resale purposes.
The example pictured here was the perfect candidate, and here’s why:
-Before the garage it just had one off street parking spot.
-The majority of homes in the area had detached garages or garage additions.
-The property had available access from the alley and a large level backyard.
-The cost of the garage added double the cost to the value of the property
If you need help deciding if a garage addition is right for you, give your Seven6 agent a call – Dominic Massa – Seven6 Real Estate