2 Car Garage Vs. 1 Car Garage

[Davew_12]

In general, how does a 2 car garage appraise versus a 1 car garage? I am listing a house with a 2 car garage on a corner lot of a quiet residential neighborhood. The house next door just sold for $384,500. Other specs very similar: Square footage within 20 sqft. Acres .51 vs ..46 (house that sold). House that sold does a fireplace. The house I'm listing does not. I was thinking an additional $10,000 for the second garage is appropriate. Am I off?

 

[hastalavista]

I was thinking an additional $10,000 for the second garage is appropriate. Am I off?

Many will tell you (and rightly so) that we cannot say what a 2nd space is worth in your market without looking at the data.
Having said that and in general given the price range, an extra $10k sounds like a reasonable starting point for the 2nd space.
Since you are a broker, you can compare 1 vs. 2 car garage sales and get a better handle on it if you are so inclined.

Good luck!

 

[Joe Flacco]

The great thing about listing the house is that if you are off then the market will likely correct itself.

 

[J Grant]

Depending on the appraiser and what market indicates the adjustment on 1 car vs 2 car is typically 5-10k in the price range you mention, but every market area is different. List prices are about attracting buyers, it's the appraiser's job to adjust for features .

 

[Mark K]

In certain price ranges, in this area, an additional bay is worth about the same as it costs to build.

I've seen several occasions where owners of homes in the higher price ranges, 2-3X or more the local average, had to build on a 3rd bay to their two car garage to make the home marketable. Example: House w/2 car listed at $450K sat for extended time with no interest; all the lookers wanted a 3rd bay. Owner paid $20K to add 3rd bay, house relisted at $475K, sold for $470K in about two weeks. This scenario has happened several times, especially in custom home subdivisions with home 15-20 yrs old, built about the time 3 car gar. became the new 'thing'. Nowdays, people expect them.

Garages may not have the same importance in your area but around here they are a highly desired amenity. In your indicated price range how important is garage space? Starter homes it may not a big deal, in the upper price range, it may be huge.

 

[Terrel L. Shields]

It may limit your pool of buyers to one car owners - either single or maybe even older couples as a target buyer.

 

[Elliott]

Women say you can't have too many shoes, men say, you can't have too much garage space. That being said, the value of the second garage is just as high as the first one. In the price range your indicating, a single garage is probably a detrimental marketing problem. If were talking about $10,000 per garage count, I wouldn't be hesitant to adjust $12 or $14K for the comp next door.

 

[Mike Kennedy]

In general, how does a 2 car garage appraise versus a 1 car garage? I am listing a house with a 2 car garage on a corner lot of a quiet residential neighborhood. The house next door just sold for $384,500. Other specs very similar: Square footage within 20 sqft. Acres .51 vs ..46 (house that sold). House that sold does a fireplace. The house I'm listing does not. I was thinking an additional $10,000 for the second garage is appropriate. Am I off?

A 3-5 year LOCAL MLS search for CLOSED SALES by dwelling style, age, # bedrooms, school district, lot area and parking will solve your puzzle.

p.s. property location ??

 

[CANative]

Snow area so more garage is probably a better thing than less garage. Cost is a good way to look at it. Also look at other houses in the neighborhood. Do most have one or two? If most have two then cost is probably an even better way to think about it. $10k is a good place to start but it's likely $5k is closer to the mark. Don't forget that people use garages for storage too.

 

[Doug Wegener]

Snow area so more garage is probably a better thing than less garage. Cost is a good way to look at it. Also look at other houses in the neighborhood. Do most have one or two? If most have two then cost is probably an even better way to think about it. $10k is a good place to start but it's likely $5k is closer to the mark. Don't forget that people use garages for storage too.

Can't say about Connecticut but in Oregon in that price range, I have seen 4-5K using paired sales and regression analysis.