Garages are in higher demand than ever before, and having one attached to your house can significantly increase its value. Garages attract buyers because of their convenience and safety among other features. Having a garage will nearly always help you sell more quickly and at a higher price than a home without one.
How Much Value Does a Garage Add to a House?
Research shows that, on average, a garage increases the value of a house by five per cent and can provide as much as fifteen per cent added value for some properties! With the UK’s average house price currently at £265,312, a garage is typically worth an extra £13,000 when you’re looking to sell your home.
Why Does a Garage Add Value to a House?
There are a number of reasons why a garage adds significant value to a property.
The Hassle of Resident Permits
Resident permits can be a frustrating form of on-street parking. Often they are limited to certain zones, and spaces fill up quickly in the evenings. Even if you choose to buy a resident permit, guests and visitors usually have nowhere to park because of on-street restrictions. Restrictions can be confusing, and parking at the wrong time may risk having your car towed! A garage increases a home’s value because buyers do not need to worry about permits and restrictions.
A garage doesn’t only add value but also makes a property more appealing because of its convenience. Some buyers will immediately rule out making an offer for your home if it does not provide convenient parking. A lack of parking is a common reason why a house isn’t selling. Having a garage means that there is a free parking space at any time. This added comfort increases your chances of finding a buyer and selling for a higher price.
The Car Boom
More and more people are buying cars, and as a result, there is more demand for places to park them. In the UK, the majority of households own one car, and the number of homes with two cars has surpassed 25%. There are limited parking spaces in developed areas, and even with a permit, parking can be a hassle. A garage provides peace of mind that there is always somewhere to park when you get home from a long, hard day. As such, you should be able to sell your house at a higher price if it has a garage.
Care and Safety of Your Vehicle
The exterior of your vehicle will remain in top condition for longer when kept in a garage. This is primarily because it is protected from tough weather conditions. Additionally, the car’s fluid and oil are kept in a better state because garages are warmer, leading to a sounder engine. Cars won’t get damaged by passers-by, vandalised or have your mirror knocked off. As a result, insurance companies offer cheaper deals for vehicles parked in a secure garage. As well as this, parking your car in a garage can even lead to a higher resale value.
Even buyers without a car may find it is worth spending a little more for the benefit of having a great deal of added storage space. Garages can be perfect for storing bikes, garden furniture, tools and more.
Should You Consider a Garage Conversion?
You may also consider converting your garage to get a higher price on the market. A garage conversion is a popular home improvement to boost your home’s value. For example, you could turn your garage into a home office, games room or even a spare bedroom. If your garage is unused and feels like a waste of space, speak to the estate agent to discuss the best way to utilise the space. They should be able to advise you on the best conversion to increase your home’s value. Converting your garage could increase your home’s value by as much as ten to fifteen per cent. In most cases, converting your garage into a bedroom with an en-suite bathroom will achieve the most significant added value.
It may be particularly effective to take on a garage conversion if:
- You have both a garage and a driveway
- You have unrestricted on-street parking
- You live in an inner-city area where few people drive.