How much is a garage worth?

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:

Address Price BR BA Sq/Ft Year Yard Garage Fire Porch
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.

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3 thoughts on “How much is a garage worth?

    1. It’s hard to make a comparison in this regard because homes in these neighborhood, for the most part, do not have attached garages.

  1. From the appraisals that got done on our house and in our neighborhood for comps (5 block radius), a detached 2 car garage is somewhere between 10-20K. This is ascertained by the fact that the houses were all in a very tight range and the appraisal was itemized. From a cost to build perspective, that makes a lot of sense. From folks I’ve talked to, hiring a contractor to build a two car is 25K, you can get a kit from Menards for about 7-9K and build it yourself (concrete pad 5K…closer to 10 for a driveway next to it). So if you have a 75 year old structure, 10K makes sense.

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