Wildflower,
I tend to agree with Aileen and Grace, you would not get as much (all things being equal ) as a home with a 2 car garage, buyers in this price range can be very picky so this narrows down the pool of buyers willing to consider your home. If the home has additional amenities this might help off set the price some but not alot.
If you are thinking of purchasing the home do so if the price reflects the 1 car garage and hopefully you can add 1 more car to it. If that is the case it might be well worth it.
Regards,
Allyson
408-705-6578
allyson@homesbyallyson.com
DRE# 01397256

A 5year old house with a one car garage seems to imply a townhouse. Is that the case here? If so if so then it will not be possible to expand the garage. If it's a detached home does it have space to expand?
In all cases, when you buy the value will be a little less that a similar home with an extra garage, and that will still be true when you sell it.
Appraisers compare similar but not identical homes by making plus or minus adjustments for any differences. The difference you describe will be reflected in the value now and by the same percentage in the future.
Good luck,
Bill

Hello Wildflower and thanks for your question.

Given the values of the homes in Los Altos, the average buyer will expect and want at least a two-car garage, if not more, for their home. While school district and a relatively new home age are wonderful factors in the overall attractiveness of the home, my fear is that a one car garage is likely to make the home a bit less attractive than, say, comparable homes in the market with two or more car garage parking.

To prove my point, I am currently working with number of buyers who all want to live in Los Altos, and each of them has yet to find the perfect home. The reasons for not choosing a home can vary from "too close to a main street" to "not enough bathrooms" to "detached garage rather than attached garage." At home prices over $1.5 million for a decent family home, most of the buyers are being very picky about what they choose to purchase and even the slightest missing amenity can turn-off the buyer.

So if you are planning to expand the garage to two cars, it would be an excellent time to do so now, before the selling season begins again in earnest in February. Let us know if you need any additional information.

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
Los Altos, Sunnyvale and Cupertino
Tel 408-426-1616
Email: GraceAreaProRealty@att.net

When it comes to valuation, only similar sized homes (e.g. 3 br, 2 bath, 2 car garage) can be compared to like properties. This is called fair arm's-length transaction. Suppose your house comes with only 1 car and other has 3. That can not be used as comp. If you are looking for valuation it is best to purchase what your neighbors have. If the choices are few, try to figure if you wish to add another garage even a duet. Later when you sell
it is easier to get top price for it.

Wild -

There are so many things that go into the valuation of a home. We have come to expect 2-car-attached-garages as a part of suburbia. Recently, I see a trend toward wanting detached garages due to the toxic fumes coming into the home.

Based on a Los Altos address with good schools, I doubt the 1 car garage will have a significant impact on resale. However, it begs the question of whether or not there is adequate parking in addition to the garage. If there is room on the lot to enlarge the garage to accommodate a two car garage, that might help as well.

One other item to consider is how this home compares to other homes on the street/neighborhood. Is it the only one with a 1-car garage? Is it the smallest house, smallest lot? Are other homes being remodeled and this is the last "older" home style? Being the odd one out in a positively transitioning neighborhood can reduce the appreciation factor.

Hope that helps.
CJ

Hi Wildflower,
The one car garage should be reflected by the price, as is any feature of the home. For instance if it has one less bathroom, it should be a little cheaper as a result. Same with a garage.
When it comes time to sell the property, there will be buyers who prefer a 2 car garage, and those people won't be interested. I'm sure there are people who have passed the property over this time because of that.
When it comes to time for you to sell the property it will be the same story - there will be people who need a 2 car garage, and they won't be interested, but the pricing of the house should reflect the amenities, so someone who doesn't need a bigger garage will feel that it's worthwhile.
As long as you don't pay the same as you would for a 2 car garage, and don't expect to get as much when you sell it as a house with a 2 car garage, there should not be a problem.
Cheers,
Aileen