11 Sep 2013

Buyers Like Garages – A Lot!

GarageFor many buyers, a garage isn’t simply a nice extra to have when purchasing a new home. Increasingly, garages are on the must-have list.

In addition to protecting cars and other vehicles from bad weather and animals, garages provide extra storage space which is always a plus. They can also expand the living area and serve a multitude of uses, such as providing space for an outdoor gym or room for an impromptu band rehearsal with the old roommates.

A recent report by the National Association of Home Builders found most buyers want a garage. About 32 percent of buyers said they view garage storage as essential, while 54 percent rated it as desirable, according to the report What Home Buyers Really Want.

Most buyers covet a large garage, with more than half saying they want a two-car garage and one-fifth of buyers saying they want a garage that can hold three or more cars, the report says.

Exactly how much value a garage adds to a home will vary depending on multiple factors, such as the home’s location and local weather. Still, if you don’t have a garage, building one is a great way to add convenience and storage space.

It also can be a good investment, according to Remodeling magazine’s latest Cost vs. Value Report. A homeowner who invests the national average of $48,806 in a freestanding two-car garage can expect to recover roughly $31,000 at resale – nearly 64 percent of the cost and more than an added-on bathroom and in-line with a major kitchen remodel. If the homeowner invests the national average of $80,511 on an upscale garage addition, they can expect to recoup more than $44,000, or about 55 percent.

To read more about how remodeling or building a garage can add value, go to: http://www.remodeling.hw.net/2013/costvsvalue/national.aspx

 

Phyllis Brookshire (Senior Vice President)

 

 

No Comments
  • Sharon Burgos

    Very true! Garages are high on most of my buyers’ lists of must-haves. I’d like to clarify that the cost quoted in the article is a national average – not an indication of local cost here in the Carolinas. That average takes into account the highest and lowest costs across the US and everything in-between. Local cost here in the Carolinas for adding a garage is likely much lower than the quoted national average figures. Wouldn’t want to scare away any NC or SC homeowners who might be considering a garage addition! It’s a very good investment, as the article points out.

    September 11, 2013 at 11:45 am
  • Angela - Chicago Garage Builders

    I find it funny that for as many people who want a garage, the amount that actually utilize it as a place for their cars is much smaller. In my opinion, if you’re only going to use it as storage you may as well get an attic, though I can see that it’d be difficult to access what you’ve stored easily.

    October 10, 2013 at 2:19 pm
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