If a garage plays a dominant role in your home design, then how much value does it add to the property?
A double-garage is one of the five most powerful facets of a property – a “killer app” that would add at least $30,000 in value to a modern home. That can rise when a property is close to the city and street parking is at a premium. As a benchmark, the Real Estate Institute of Victoria notes apartments with parking can sell for $100,000 more than those without a car space!
There’s a lesson here for buyers and sellers. Buyers should consider a garage as not just a feature but an asset that will likely boost the asking price because parking issues in any metropolitan area are never going to go away.
Their importance will be even more significant when electric cars become popular, and owners want a permanent and safe electricity supply to recharge overnight.
If you’re thinking or preparing to sell your house, you have a lot to gain from making your garage a real feature.
Here are 10 reasons why your garage should be a major feature when you put up the “For Sale” sign.
- Double-garages can add up to $50,000 in value to most homes – and that figure can more than double in urban areas.
- Garages protect one of the most valuable assets most buyers own – their car. An obvious point, but it’s important to remember why they should be a significant feature when you sell.
- There’s a sense of luxury when an owner can click a button and open their garage door to park their car and have easy access to the property after a busy day. This is a big plus when you’re selling.
- For any prestige property, consider installing power and a charging unit for electric cars.
- A street with parking challenges pulls down the price of a property which means adding parking to your property can be lucrative. A garage is a relatively cheap and easy way to add to the total space of your home.
- Storage can be an issue in many homes, but a garage will come to the rescue and provide an opportunity to create order across the rest of the house, especially when it’s organised with built in shelving, workshop areas and cupboards.
- Garages are a priority for buyers who have boats and surf-skis, and hobbyists, such as those who enjoy woodworking or working out privately.
- Appliances such as additional fridges and freezers have a natural home in a garage.
- Some owners install polished cement floors. Mirrors against the back wall are popular as they increase the feeling of space.
- For inspections, make sure the garage is tidy, organised and ideally dust and cobweb free. Remove your vehicles to give prospective buyers a sense of the space offered.
Disclaimer: The contents of this article are believed to be accurate at the time of posting. Any advice here is of a general nature only and has not been tailored to your personal circumstances. Please seek professional advice prior to acting on this information.