Garage a must have for a SFH?

Question

Hi all,

I have heard that garages are always a plus to have for SFH's, but what if there is street parking and room for storage in a basement or shed? Some of the homes I am looking at, older homes with no garages, are in great condition but no garages - thoughts?  My property manager has said that renters don't necessarily care as much - but want to be able to resell if needed down the line.  Thanks!

Dan Maciejewski · Answer

The only way to really know is to compare the homes in your area.  You can check the rent rates and days on market of both homes with and without garages.  Make sure to do it at the price point you are planning to be at.

My guess is that it won't make much difference in either vacancy rates or rent rates for all but high-end homes.  And all high end homes will have a garage so it's moot.

Where you will probably see a difference is in purchase price.  In my area. a garage can add up to $20,000 in value if it's a large attached garage.  And even in low end homes, a single car garage should add about $5,000.

So, it is most likely that you would want to purchase homes without garages, and then rent them at about the same rents as homes with garages.  But, all markets vary, so check for yourself -- your property manager has access to the stats for the homes he manages, so he's probably correct!