The value a garage adds to a property. There is evidence that there is always a growing trend for a car space, this is in high demand when located inside close proximity to the city. Many modern home designs feature a garage as part of artistically presenting a beautiful front facade. With Melbourne’s culture, Melbournians still choose to drive to work over using public transport, the value of a garage adding value has never been more valid.
A garage is generally offered as part of a house or a townhouse, but even taking note of apartments, car spaces are always in hot demand. In past experiences, we have seen apartment sales take place over $100,000 more with a car space as apposed to a unit that has none.
At Crest Property Investments we believe a garage is vital in making a property acquisition. It will provide more capital growth, higher rental income and offer better liquidity when you choose to sell it in the future. Using a train or tram network to commute to the Melbourne CBD (city) is always desirable, but as long as the cultural fit wants to drive privately to work, the benefit of having a garage is priceless.
Here are some reasons why a garage adds value to a property:
- Most households with four bedrooms require two cars. A double garages can add up to $50,000 in value to most homes.
- Outer suburban locations in both metropolitan Melbourne and regional Victoria have less public transport.
- Garages protect your vehicle from weather damages and theft.
- A garage provides flexibility. You can use it for additional storage, shelving, gymnasium, outdoor living space for entertaining, workshop etc.
- A garage adds a sense of sophistication to a home. Both an owner occupier and renter appreciates the added luxury to a home.
- During bad weather patterns, both hot and wet seasons, a garage provides easy access to the property. Very helpful after shopping or a long day out.
- A street with parking challenges can drag property prices down. Having private parking to your property can be lucrative. A garage is a relatively cheap and easy way to add to the total space of your home.
- Other important and valuable assets can be safely stored in a garage. For example, boats, caravans, vintage vehicles, jet skits etc.
- Additional appliances are often held in a garage. Fridges and freezers are a great way to reduce excess whitegoods within a home. A bar fridge is also often used.
- Essentially a front facade seen on a street frontage is not complete without a secured lock-up garage.
Want to buy a home?
At Crest Property Investments, we specialise in sourcing brand new and off the plan properties for buyers. We have been working with many buyers from first home buyers, owner occupiers and savvy investors purchase a suitable home that will allow for this growing trend. If you’d like some assistance in buying the right property, please don’t hesitate to contact us. We welcome the opportunity to help you make the best property decision. Our YouTube channel is also a helpful resource to learn and listen about other property tips.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more please contact us. We welcome the opportunity to assist you.
May 2022
