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I have seen swell homes with 2 car garages sell for substantially more than a similar homes with 3 car garages in need of serious updating and maintenance.
It all depends.... and what's the norm for the area also matters.
I have seen swell homes with 2 car garages sell for substantially more than a similar homes with 3 car garages in need of serious updating and maintenance.
It all depends.... and what's the norm for the area also matters.
I have seen swell homes with 2 car garages sell for substantially more than a similar homes with 3 car garages in need of serious updating and maintenance.
It all depends.... and what's the norm for the area also matters.
Couldn't agree more! Real estate is local as they say and different features add different amounts of value in different areas.
Looking at houses with 3-car and 2-car garages. If two houses were identical, except that one has one extra garage, how much is that extra garage worth? How much more should I offer for the extra garage space assuming everything is being equal?
If we're talking Florida or somewhere without basements then a 3rd garage is priceless. Our 3rd car bay was my husband's workroom and our storage area.
It depends on what the neighborhood is doing. The houses in my neighborhood are mostly 3 car garages (we have a 4 car). If you had a 2 car garage, you just slapped yourself in the face because you built your house below the demand of the neighborhood. That could cost you maybe $20k. If your neighborhood is mostly 2 car, and there's a house with 3, they added a nice bell and whistle that might add $5-10k.
If it's not in high demand, it's worth less. I'm going to be able to add a nice premium to my house because it's a full 4 car garage, and people in my area have lots of "toys".
I agree with what almost everyone else has said. Depends on what is normal for your area. If you are in a place back east where even a 2nd bay is unusual, and many homes have no garage at all, then a 3rd bay would have a totally different value than out here in the west, where pretty much every other home as a 3 car garage. There are a lot of subdivisions here where a 2 car garage is abnormal, and almost every home has a 3 car. Not just the high end stuff, either.
My parents have built (they are builders) several homes with 4 car garages, and even one with a 5 car garage (3 wide with one bay 3 deep).
I would say 10K on average. This is based on my awesomeness.
But seriously, I bet it would vary thousands of dollars between two certified appraisers.
Bottom line, I'm jealous. I want a 3rd car bay. Newer home construction, at least in Virginia, makes tiny 2-car garages at that. You have to hang up dang-near everything just to fit your two cars, and few builders give you the option of a garage extension.
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