How much value does a garage add to your property?

Fri 09 Mar 2018

Garages and parking spaces are in higher demand than ever before, so having – or adding – one attached to your property can significantly increase its value should you choose to sell.

Recent research found a garage can add as much as five per cent to the price of a typical home. With the average house price in the UK currently standing at £225,000, a garage could be worth an extra £11,000 to buyers looking at your home.

 

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And it’s not only a financial issue. Some buyers will immediately rule out making an offer for your home if it does not offer the convenience that a personal spot for their car brings.

As such, having a garage built or a private parking area developed is a wise move, as you stand to benefit from it while you remain in your home and you should be able to sell at a higher price when you move on.

In these days of resident permits, restricted parking rules and limited spaces a garage offers immense peace of mind. Quite simply, being guaranteed a spot to park your car within a few steps of your front door is crucial to a huge proportion of people.

Some homeowners who have a garage are failing to utilise the space, with thousands across the country known to be empty. You could also consider a garage conversion in order to add further value to your home, such as by turning it into a home gym or games room.

Seeking the advice of a good estate agent should be your starting point, as they will be able to tell you the best ways to use your space and the likely effect your plans will have on your home’s value.

For more advice on how to make the most of a garage or to sell at the highest possible price arrange a free property valuation today.