Home Buying in 92882>Question Details

Melissa, Renter in Corona, CA

what is the value of an additional garage (3 versus 2) for a home in Corona, CA?

Asked by Melissa, Corona, CA Thu Mar 20, 2014

Help the community by answering this question:

Answers

9
Hi Melissa,
Not much difference. Price difference is more about square footage how many bedrooms and bathrooms as well as the condition of the home.
1 vote Thank Flag Link Thu Mar 20, 2014
If you're strictly talking about value in an "appraisal" sense, $5,000 is the number. Realistically, the extra garage could mean the difference in getting a buyer at your asking price, or not getting the offer. Contact a great Realtor in your area.
0 votes Thank Flag Link Tue Apr 15, 2014
Many buyers only want to look at homes with 3 car garages. That said, in general, a 3 car garage only adds approximately $5,000 to value.
0 votes Thank Flag Link Fri Mar 21, 2014
Others who have answered this question are correct that living space usually is the key to pricing. That said, adding another garage space will make your home much more attractive to many buyers because there are so many potential uses. One can, of course, park an additional car, boat, camper, trailer there. But this also can provide storage, shop space or room for an artists studio. I've even seen some people run small businesses out of a third garage space.

Best,
Ron Rovtar
Berkshire Hathaway HomeServices
Real Estate of the Rockies
Boulder, CO
0 votes Thank Flag Link Fri Mar 21, 2014
Home values are determined by Appraisers, not Real Estate Agents. Real Estate Agents guide you to the probable price. Appraisers and Brokers who have taken appraisal classes have lists of what a particular item is worth because they have to do price adjustments for properties all the time to compare similar properties. For example, two houses sell in the same neighborhood. One has a pool, one does not. The Appraiser will refer to her list to see the standard value brought by the pool, and add that to the value of the home without a pool, just for comparison purposes.

It's the same with a two car vs. three car garage. What is the standard price addition for a two car garage? Approximately 10,000, about 12,000 if it's finished. That's compared to a home with NO garage. Since most homes have garages, only the extra garage space would be added, in this case, the third garage spot. Since technically, we are talking about 1/2 a garage, the value compared to a two car garage would be 5,000-6,000.

Of course, it's the market that determines the final price of anything (houses especially). Although we all want the extra 5,000 added onto the price of the home, the willingness of people to pay that price determines whether or not we are realistic.

J. Michelle Higbee, 714-552-2695
CA BRE# 01872655
0 votes Thank Flag Link Fri Mar 21, 2014
Vary little. If you were talking about another room or bathroom then there would be some value there. Just send me an email if you have any further questions.

Alex Greer
Loan Officer
NMLS #1056079

http://www.TheMortgageOutlet.com
408-352-5147
AGreer@TheMortgageOutlet.com
0 votes Thank Flag Link Fri Mar 21, 2014
Lydia Kray is right.....shoot, I have seen appraisers even not give value for a 4 bedroom over a 3 bedroom.
0 votes Thank Flag Link Thu Mar 20, 2014
Depending on weather your are a car enthusiest or not, aprox 10K if you are really wanting room for that special car then it may be worth more to you than someone else. Hoped that answers your question.

Call me if you have anymore, 951-515-1043
0 votes Thank Flag Link Thu Mar 20, 2014
Melissa,
The desirability is greater for a 3 car garage, however, there are less of them built. They typically are in the higher price range homes and also some single story homes, but not always. As far a price value.... barely worth $1000. Livable space is what gets the most value, measured in price per square foot.
0 votes Thank Flag Link Thu Mar 20, 2014
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer