MD First Time Homebuyer: Value/Cost of a Garage (lease, condos)

[ArunSenior04]

Hello all,
I had a quick question regarding the value/cost of a garage. I'm looking to purchase a new home (specifically a condo) in the next few months. Several of the condos that I've seen, have attached garages (with some of these also include garage entrances into the home.)

I know that when looking at the taxable living area, the garage is not included. I haven't seen too many condo options that include garages (let alone garages that allow entry into the home.) If two properties are about the same in sqft, with one having a garage and the other without, what is the difference in value?

Thanks.

[AlicynD]

Depending on the price range of the condo, a one car garage can usually add between $5-$10K. However, there are other factors to account for value in a property... 1) Location (neighborhood, on a main road, or no neighborhood) 2) Amenities (what does the community offer, what features and finishes does the home itself offer) 3) Number of Bedrooms (may have same square footage but may not have the same number of bedrooms). All things equal i.e. same neighborhood, same square footage, and same number of bedrooms and finishes - then the garage would usually warrant around that much more.

[badchad]

And just to add, a garage is like a lot of other things, it depends on the buyer. Some buyers will value a garage more than others. I typically lease cars, and I'm not really "into" cars, nor do I have much use for one, so personally, a garage isn't a big deal. Others probably have much different opinions.