You are viewing an article that is not currently active

How much value does the humble home of a car – the garage – add to a property?

February 29, 2024

As the titans of motorsport, including McLaren, Mercedes, Ferrari, and the reigning champion Red Bull led by the unstoppable Max Verstappen, descend upon Melbourne for the 2024 Formula 1 Rolex Australian Grand Prix, their pit crews are in full throttle, meticulously arranging garages to maximise each team's quest for victory in this thrilling motorsport epic.

Likewise, the importance of a well-kept and presented garage cannot be underestimated when it comes to the value of your property, especially if you’re considering a sale this autumn.

In many cases, a well-presented garage can add up to 10% to value of a property according to some experts[i], with many would-be buyers prepared to pay that bit extra for the peace of mind that comes with knowing their vehicles have a safe and secure home.

Not to mention, the blessing that comes with not worrying about competing for street parking!

In many cases, the lack of undercover or a lock up garage can be a deal breaker for a buyer.

Not only does a double garage provide an obvious benefit of keeping your prized wheels safe from theft or hail or storm damage, but a garage can also provide many other advantages to a home’s value.

For example, a garage door takes up a significant proportion of a home’s frontage, and with an array of garage door designs are on offer they can considerably contribute to the street appeal of your home, and make it stand out from your neighbours.

The flexibility a garage space offers homeowners cannot be underestimated.

The humble garage can also serve as an extra storage spot in your home by adding shelving, cabinetry, or even a pull down attic space in the roof.

It can also be home to a workshop or a home gym - which are all attractive home add-ons to potential buyers. However, like other home spaces, decluttering the garage is essential when preparing to sell the property.  

Spacious garages offer room for camping gear, an additional fridge/freezer, prized vintage cars, boats, caravans, or even ski equipment. As electric car ownership increases, garages can also house charging stations to cater to the growing demand for sustainable transportation.

With the increase in people working from home, some savvy homeowners may have plans to convert some, or all of their enclosed garage space into a dedicated home office. And importantly, being separate from the main house, typically it will have a different entry making meetings or client catch ups possible to be completed in privacy.

To ensure your garage maintains optimum use and street appeal, it is important to make sure you regularly service your garage door with a reputable company, as the cost of repairs, or to replace a new door could cost you thousands of dollars.

Who knows, your garage might even help you catch the attention of an F1 racing legend in search of an Australian retreat.

Contact your local Raine & Horne agent for additional tips and ideas for turbo-charging the presentation of your garage this autumn.

[i] https://garagesmart.com.au/does-finishing-a-garage-add-value/