So, let’s assume you wanted to buy a single family home in a historic and fairly walkable neighborhood (say, around a Walkscore of 65). Question: How much is a garage worth?
I looked a “comparables” in the following:
- The price of a “starter home” in the neighborhood. That being, the lowest valued homes.
- The size of a home, aiming for similar bedroom and bathroom numbers.
- The quality of finishes. Meaning, all the homes had been mostly updated by something other than IKEA.
Here is what I found:
|196 Oxford St S||$220,000||4||3||1,918||1916||.05 acres||No||Yes||Yes|
|902 Osceola Ave||$374,900||3||2.5||2,046||1911||0.11 acres||Yes (2)||No||Yes|
|1129 Oscela Ave||$373,000||3||3||1,870||1922||0.14 acres||Yes (1)||No||No|
|1093 Lincoln Ave||$374,900||3||3||1,848||1938||0.14 acres||Yes (3)||Yes||Yes|
The only home without off-street parking is 196 Oxford Street. It’s on a small lot, but the home itself is just as nice, if not nicer, than the other homes. It’s selling for $154,000 less.
The absence of the garage doesn’t tell the full story. The garage-less house is on a corner lot and across the street from a local elementary school. As someone contemplating how to raise children, I see that as a huge benefit while others apparently do not (they want the school to be close, but not that close). Also, the yard is about half the size, but as someone who doesn’t want to do yard work, this is a major plus. Again, to others, it is not.
While I’m certain a garage won’t add a value of $154,000 to the home, it certainly still plays a big role in the homes value (yes, even in walkable neighborhoods like Crocus Hill). On the plus side: if interested in living a car-free lifestyle in the neighborhood, this would be your house. Not only would you save money by not having a car, your house would be $150k cheaper.