Introduction
Garages are a convenient storage feature. For many, the garage is not the first space they consider when buying a home, but for others, it's all they can think about.
How much value a garage adds to a property depends on the home's location, the market's competitiveness, and local buyer preferences. However, in Maryland, where the weather can be harsh, a garage is usually a sought-after feature when buying a home.
According to the Baltimore Business Journal, a house with a garage could be worth as much as 10% more than comparable homes without a garage.
Do Homebuyers Look for Homes with a Garage?
Many homebuyers add "garage" to their home search. Buyers value the ability to protect their cars from weather, theft, and vandalism. It keeps their possessions out of the snow and makes it easy to start your morning commute without scraping off ice. Furthermore, if you're living in a densely populated area, a garage provides built-in off-street parking that can be highly valuable.
But a garage's use isn't limited to car storage. Modern home buyers appreciate garages that can be used as multipurpose spaces, such as workshops, home gyms, or studios. They now consider this space an opportunity to create added living space.
In densely packed real estate markets or areas with limited parking, having a garage can make a property stand out to potential buyers, increasing its desirability and possibly commanding a higher selling price.
Homebuyer Convert Garages into Alternative Spaces?
Many homebuyers are looking for houses with garages that can be converted for different uses. The trend of utilizing garages as flexible spaces has grown, driven by various lifestyle and work-related changes.
Common alternative uses for garages include:
· Studio
· Home gym
· Office space
· Workshop
· Entertainment rooms
· Potential ADUs
Is it Harder to Sell a Home Without a Garage?
While having a garage is undoubtedly an asset, it doesn't necessarily mean that a home without a garage is harder to sell. Selling a property without a garage comes down to location, buyer preferences, and, most importantly, price. If you're selling a property in an area where most competing properties have garages and where buyers value those garages, then home sellers need to adjust their price expectations accordingly.
While not having a garage can be a dealbreaker for some buyers, others may be willing to compromise if the home excels in other areas or if they believe they can add a garage later. However, this decision heavily depends on individual priorities and the specific housing market.
Are there Downsides to Having a Garage?
While a garage is almost always an asset to a property, there are times when it can hinder a home from reaching it's highest value.
For example, if a homeowner didn't take care of a garage and the structure has fallen into extreme disrepair, it could cost more to fix the garage than the value it adds. In these situations, it's recommended that the garage be demolished. However, that also comes at an added cost.
Another situation when a garage could deter buyers if it's located on a property with a small house. Most jurisdictions have restrictions on the percentage of a lot that can be covered by structures (house, garage, deck, etc). Therefore, the garage could take up valuable real estate that would better serve as a home extension.
What's Better: An Attached Garage, Detached Garage, or Carport?
The value added to a home by a garage, carport, or detached garage depends on various factors, including the homeowner's needs, local market preferences, and the property's overall context.
Attached Garages
An attached garage offers convenience by providing direct access to the home, which is especially valued in areas with harsh weather. They tend to be less expensive to build than a detached garage since they share a wall with the existing structure. Attach garages add more value to a home than a carport, as they provide secure, enclosed space for vehicles and storage.
Detached Garages
While less convenient, a detached garage provides flexibility in terms of design and usage; it can be used as a workshop, studio, or even a guest house, which can appeal to certain buyers. For those who enjoy noisy activities, detached offer more privacy and noise isolation than an attached garage. A detached garage can add significant value, especially if well-designed and in harmony with the home's style, and in markets where additional, versatile spaces are in demand.
Carports
Carports are the least desirable option as they offer vehicles minimal protection from the elements and have no secure storage space. A carport's main benefits are its low cost and a designated off-street parking place.
Size Matters Most
While an attached garage typically adds the most value, what matters most is size. For example, a detached dual-car garage will add more value than a single-car attached garage.
Conclusion
Garages aren't just about parking anymore. In places like Maryland, they can boost a home's value by up to 10%, but they're also a canvas for creativity, transforming into anything from art studios to gyms. They're a sought-after feature that can make or break a sale, depending on local demand and the lifestyle needs of potential buyers.
Ultimately, the right garage—be it snug and attached or roomy and detached—can be a game-changer, making your property not just a place to live but thrive.
About the Guest Author
Kelsey Heath is a real estate content specialist with an extensive background in residential, industrial, and commercial property. She has been involved in the industry for a decade as a professional and personal investor, gaining a deep understanding of the market and trends. With a passion for written communication, Kelsey loves helping people understand the sometimes-complicated concepts behind real estate and is now a sought-out guest and ghostwriter.
