Does a Garage add Value to your Property?
The most important part of this subject, well leastways for me, is if you have the space / land available so to have the choice of either a garage or not. Surely this plot of land holds the value and it is over to the home owner if they would like a garage or not?
Our most recent property we took down the garage simply cause it was dated in design (prefab concrete) with a good old asbestos roof. Dismantling wasn’t an issue and neither was the taking away as a simple advert of ‘free garage’ on Facebook saw a local company wanting extra outside storage come and have it professionally removed otherwise quotes we received were around £3,500 to do so. The garage was one of these which were located down a tight side driveway and only wide enough to half open one door if you drove your standard car inside. It’s only benefit was for storage so it was an easy decision to have it removed so to improve the space and views in the garden.
Now many will be puzzled with this action of mine and especially if I state that ‘a garage with your property is known to add value’ – Recent research has indicated a garage can add on average 5% to a house value. source dencroftgarages
Is the current garage in disrepair or of an eyesore design? For sure a newly built garage (detached or not) with services (at least of electricity) within will certainly add value whereas a dated design and one made of hazardous materials could have a negative effect? Another key point is that not everyone has a car / bike and if not then the need for a garage drops.
Many garages are also integral in that it forms part of the main property layout being built-in and likely to have a door in to the main living area – This appeals to many looking for extra living area, for instance a four bed property can be converted to a five bedroom cheaper than directly purchasing one. Thus a garage in this circumstance is worth less value (than an additional room) no? Simply put, a garage conversion can add up to a whopping 20% to the value of your home. Converting your garage into a bedroom with en-suite bathroom tends to achieve the biggest added value, at around 20%.
Also, let’s face it, how many of us really do park our cars in the garage and especially if they are being used daily? Many reports show that homeowners who have a garage are failing to utilise the space, with thousands across the country known to be empty. A few odd boxes, some bicycles and the chest freeze being popular guests in the garage.
Our living space is becoming more and more precious these days especially as house prices continue to climb, each and every m² is ever so valuable – garages could be seen as a dispensable add-on and with the average standard single garage in the UK being 14 m² then surely, unless we have a classic car to shelter away from the elements, we might as well live and enjoy the extra floor space?
You May Also Enjoy
Renting an Apartment for Streaming and Gaming: What to Check Before Paying the Security Deposit
London rents outperform property values
Rental property availability falls
Average advertised rents surpass £1,400 for the first time
Barclays unlocks wider mortgage access for company directors
