Garages-add much value?

8 Replies

While looking for duplexes in Wisconsin, some have no garage, but are otherwise desirable rentals. I know when I think back to my years as a young renter in Wisconsin, my dream was to have garage access. I would have stayed longer at a place with a garage. How does this affect the amount of potential rent, and is it ever a good idea to build a garage to attract tenants with decent cars. Or would the cost of adding one not be worth the expense?

If it were me I would just leave it garages are not counted in square footage of living space.  It's very common to have dup's without a garage.  More often than not.  It's like putting lipstick on a pig to coin a phrase.  Adds little value if any.  A nice little mother in law suite could be a better idea.  CHECK WITH LOCAL GOVERNMENT TO SEE IF ITS ALLOWED.  

It seems like your looking for quality renters consider other options that add value. 

Terry, this is a great topic. Your going to get some differing opinions.. 

I've lived in the Mid-West my whole life and a big part of that has been spent dealing with snow and I know Wisconsin is on a whole other level. This one element alone has made having a garage important to my tenants. I mean who likes having to go outside and scrap off they're car at 6AM before heading into the office? Snow is not the only reason but security. Though the area I own in is safe it provides both the tenant and their property another level of security and peace of mind.

I own a duplex and charge the tenant using the (1) car garage $100 more a month. Not every house in my urban/yuppie part of town has a garage but I think the fact I have one helps me compete with the new apartment/condo complexes popping up all around me. 

I'm not sure what it would cost to have a new constructed garage but considering your climate and how much more you can charge ($100 in my case, I've heard of even more). I believe the additional income would cover the cost in no time. 

I hope this helps Terry. Best of luck.

Originally posted by @Joey Palmer :

Terry, this is a great topic. Your going to get some differing opinions.. 

I've lived in the Mid-West my whole life and a big part of that has been spent dealing with snow and I know Wisconsin is on a whole other level. This one element alone has made having a garage important to my tenants. I mean who likes having to go outside and scrap off they're car at 6AM before heading into the office? Snow is not the only reason but security. Though the area I own in is safe it provides both the tenant and their property another level of security and peace of mind.

I own a duplex and charge the tenant using the (1) car garage $100 more a month. Not every house in my urban/yuppie part of town has a garage but I think the fact I have one helps me compete with the new apartment/condo complexes popping up all around me. 

I'm not sure what it would cost to have a new constructed garage but considering your climate and how much more you can charge ($100 in my case, I've heard of even more). I believe the additional income would cover the cost in no time. 

I hope this helps Terry. Best of luck.

LOL.  I live in the deep south and haven't seen snow in years not any real snow anyway, good point lol.  You live in a place so warm for so long you forget what snow looks like lol.

Interesting question; I suspect it depends on your market.

I have a few rentals in WI and I will definitely say that having a garage is a big selling point - I don't think I would buy one without, unless the numbers were spectacular.  With the winters we get here, it would be a struggle to find decent renters ($600 - $900 range) without a garage. 

The building I purchased had a garage, and every tenant I interviewed asked about garage space. I'd say it's not a necessity but in WI you are definitely able to add more rental income if you have a garage. Based on my area I add 65$ per garage spot.

Garages matter here with snow and also for storage.  The bigger the house the more it matters.   We have a unit no basement, no garage and it is always a issue and sometimes a deal breaker to not have the garage.

From experience I would only even consider giving garage access to higher end tenants.

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