Home Buying in Groton>Question Details

Jasenhicks, Home Buyer in Groton, CT

How much does a two car garage really add to the value of a home versus a one car garage?

Asked by Jasenhicks, Groton, CT Tue Feb 2, 2010

I am looking to buy a house in a neighborhood in which another house sold a couple months ago. The houses are almost "the same" and were on the market at the same time. The difference is the one that sold had a two car garage and a fenced in yard, the one I put an offer in on has a one car garage and no fenced in yard. Of course, I want to pay less for the house I am looking at than the one that sold. Just curious how much less based on the garage situation.

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In October of 2011 we tore down our 1 car garage to build a 2 car garage. The 1 car garage is actually a negative because it cost $1,800 to tear it down and it costs $15k to build a new 2 car garage (this includes everything from foundation to power, which you won't get when just bidding out the project) I'd say the house you are looking at is worth 17K less than the house with the 2 car garage and that's not to mentioned the fenced yard. These are numbers for Denver, CO. I know they will vary greatly on location.
1 vote Thank Flag Link Fri Oct 28, 2011
I am sure that would vary according to the type of garage on the property. Some garages are cheap 2 car garages and, while they might be sturdily built, they are relatively cheap to erect. Other http://www.shedsunlimited.net/GarageLinks.html 2 car garages in CT will certainly cost more, but will add more value. One garage supplier in Lancaster County Pennsylvania offers dozens of models to chose from in their line of garages. Anything from one car prefab garages to 3 car garages with all sorts of options. They even offer an attic two car garage and http://www.shedsunlimited.net/two-story-sheds-garages.html that will certainly add much value to your property.
0 votes Thank Flag Link Thu Oct 4, 2012
There is no one answer. It all depends on your area, and market data from that area. Would it be possible to add a garage bay onto the property? what would be the cost? Do most houses have 2 car garages that a buyer would compare to that house? Do buyers expect 2 car garages?
you're a buyer in that market right now, how much extra would you pay for that exact house with a 2 car garage? My guess would be in that price range in that area, would be $5,000+/-...but it really has a lot of factors that are directly related to that house and comps in the area.
your agent should have a general idea for this particular market area.....
0 votes Thank Flag Link Mon Feb 8, 2010
Listen to your agent, she is your best guide-- you may be getting a great value already--don't just focus on the garage--good luck.
0 votes Thank Flag Link Tue Feb 2, 2010
We have an agent and she is great. I am just trying to wrap my arms around a good "value" for a second garage based on as much other opinions as possible. I am hearing 15K and down to 5K differences from family and friends. The house we have an offer in on (and a subsequent counter) is one of only a few with a one car garage. The house that's comparable (which is just down the streets) sold for $300,000 and had a two car garage, fenced yard, etc. I think that the two car garage is the main difference for us at least.

We are military so resale is important to us as we may be gone in three years and be in a selling situation again, or we cold be here for follow on orders which puts at five years from now selling again. Therefore, resale is important to us; but not for the normal reasons as one might suspect.

I want to get to a point where we both are happy with the sales price and keep the house marketable for the future in terms of appreciation/depreciation.
0 votes Thank Flag Link Tue Feb 2, 2010
What is your agent suggesting, and have you looked at all the recently closed similar properties in the immediate area and not just the one mentioned--if so what does the data suggest--yes, a two car garage property will be worth a bit more v. the one car--however, there are other factors to consider as well that could impact price--such as property size, condition, location, etc. if you don't have an agent, consider the services--he/she will be your best guide when it comes time to make an educated offer.
0 votes Thank Flag Link Tue Feb 2, 2010
Jasen, I think you are confusing appraised value with assessed value. An appraisal is going to show the value of the particular home as it compares to recent sales in the vicinity. You should look at a few things though, first, what do all the other homes have? If they all have 2 car garages, and this one only has 1, it will be a bigger difference. The other thing is is what your plans are, do you plan to stay in this house for a long time, or will you sell it soon so you are concerned with resale value? if you plan to live in it for a long time, then you have to decide how important the 2 car garage is to you, and make your offer accordingly. Most people who like a house, will not make their decision based solely on 1 or 2 car garage. A garage vs. no garage, yes, but not the number.
0 votes Thank Flag Link Tue Feb 2, 2010
I am more interested in retail value, let's face it... in the current downswing of the market things like 1 car vs 2 car garages could mean the difference in sale, and I think we can all agree the appraisal values aren't what people are paying right now.
0 votes Thank Flag Link Tue Feb 2, 2010
It depends on the price of the house, and I am looking at it from the point of view of an appraisal. I checked 2 appraisals I had handy. On a $1.34 million house, it was $10,000 difference between 1 and 2 car. On a $715,000 purchase, it was $5,000 difference. The fenced in yard doesn't cause an adjustment on appraised value.
0 votes Thank Flag Link Tue Feb 2, 2010
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