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Will a garage increase the value of my home?
18 May 2023
Having a garage is handy; you have somewhere to park your cars plus some extra storage space. But did you know that building a garage will also add a significant amount of value to your house?
Recent studies have shown that building a garage can be a valuable investment. On average, adding a double garage to your home can increase its value by about $50,000 or more. The value added to your property often exceeds the cost of constructing the garage, making it a smart choice for homeowners.
But just how much value will a garage add to a house? This can depend on a range of things – things that you should take into consideration when considering the size and shape of the garage you'd like to build.
We've compiled a list of reasons why a garage can increase the resale value of your home and things to consider when building one.
A garage is a requirement for many potential buyers
When considering buying a new house, most buyers will have a list of things that they want the house to have. Things like a big yard and an open plan living area are often on the list, so too is a garage. If a prospective buyer is looking for a place with a garage, and your house doesn't have one, you could potentially miss out on a sale solely for that reason. This could especially be the case if there are nearby homes on your street that are also for sale and can offer a garage when you cannot.
Additional storage room
A garage is a great place to keep things that don't really have a place within your house - especially bigger things that are hard to find a spot for. It's very rare to come across a garage that doesn't double as some sort of storage space.
However, even in a highly sought-after neighborhood, security can be a concern. The great thing about using a garage as a storage area is that you are able to close the door to the garage and make sure your valuables are kept locked up and safe.
A modern, electric garage door usually means a higher house valuation
No longer do we have to endure the hassle of manually lifting the garage roller door, as modern technology has made this inconvenience a thing of the past.
There's a huge range of different electric garage doors that are both stylish and efficient. If the door complements the aesthetics of the house and matches your home's style, it can substantially raise the property value of your home.
We are proud to partner with Taurean Door Systems and recommend their top-quality roller doors that not only enhance the safety of your garage but also add a touch of style.
NovaTaur® Residential Roller Door
The deep profile of this residential roller door offers unsurpassed strength and rigidity without compromising style. The TauraEdge® galvanised safety tracks/guides ensure ultimate safety with a rolling wheel added to each end of the bottom rail ensuring smooth operation.
Classic Range Sectional Door
It's a winning combination of style, strength and security, that provides four styles, lined (Linea), square press (Tempo), rectangular press (Western), and flat/flush (Silk) to match your home's styles.
The Pr1me Collection
The Pr1me collection is designed for quality and value backed by decades of testing. It's compatible with the TauraEdge® safety guide system for added safety.
Windstrong® Windlocked Roller Doors
This Windlocked roller door is built to stand up to extreme weather events without compromising performance or style.
Extra space for additional activities
Another reason that a new garage can add property value to your home is that it's a versatile space that will provide an area for a range of activities. You can use your garage for many things like a crafts space, a gym or a chill zone. It's an attractive concept for both many homeowners to use personally, and for prospective buyers.
If you'd like to capitalise on using a garage as an additional space for activities then it's a good idea to make sure the space looks attractive.
Polished concrete looks modern, is easy to clean and is affordable. Some mirrors around the area will also create the illusion of space which will appeal to most buyers who could envision themselves using the area for reasons other than just parking their car in it.
It's a place to park your car
Quite obviously, a garage is a place to park your car and keep it safe. For some people, their vehicle is their prized most possession, so having a secure and safe place to park it is non-negotiable. More buyers will be interested in a property if there's an existing garage.
In conclusion, if you don't already have an existing garage, adding garage space is a good investment as it will likely improve your home's resale value and increase the usability of your property.
Ready for a quote?
If you're looking to build a garage and are interested in getting more information about your options and the cost, get in touch with your nearest Fair Dinkum Builds team for a quote Get a Quote (fairdinkumbuilds.com.au).
FAQ
How much value is a garage worth in an appraisal?
This depends on the size and style of the garage, as well as the location of the area where your home sits. However, it's been estimated that a double garage can add about $50,000 on average in property value to most homes.
Does removing an existing garage devalue your house?
While there's no definitive answer to this question - as it will depend on a buyer's personal preference, removing a garage will likely bring the value of your property down.
What renovation adds the most value to a home?
One of the renovations that has the biggest return on market value is actually upgrading your garage door. An attractive-looking door that complements the aesthetics of the house and is easy to use can significantly increase your home value.
How important is a garage for resale?
A garage isn't vital for resale, but it will immediately boost the resale value of your property substantially.
What is the cost to build a garage?
There are several factors that affect the cost of building a garage. Some of these things include the size, style and materials used in the garage.