Is the garage the most underrated part of your home?
Every seller knows the importance of a renovated kitchen or bathroom, but very few give even a flitting thought to the value of a garage. And they are missing out on a well-established trend.
Even among real estate brokers, there are just a handful who know how to properly evaluate a house with a single, double, triple or quadruple garage.
The real estate mantra of location, location, locations apply as well here. A double garage downtown will have a different value than one in the suburbs.
Depending on the area a second garage adds as much as 25 percent to the value of the home. Not to mention the importance of a third or fourth garage. According to Bloomberg, every year, with only one exception for the past 25 years, in the United States there have been built more homes with garages that can accommodate at least three vehicles than one-bedroom apartments. The only exception was in 2005.
By 2015, about one in four new homes in the United States (24%) had a garage that could house three or more cars, the highest percentage since 1992, said Robert Dietz, Chief Economist of the National Association of Home Builders.
The trend seems to continue, according to a recent survey by John Burns Real Estate Consulting on the preferences of people seeking a home. One third of respondents want a garage of three or more vehicles, 51% expect a garage for two cars, while 10% of respondents would be satisfied with a single garage.
In addition, other statistics show that the proportion of US households with at least three vehicles was 17.3% in 1990 and 19.7% in 2013.
At Adresz we are the only real estate agency in Quebec to have a licensed real estate broker with a PhD in statistics are a in a position to discover hidden opportunities. Give us a call to find out more: 514-636-2981.