Berkshire Hathaway HomeServices
Real Estate of the Rockies
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
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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.