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When it comes to must-have features in a property, garages tend to be high up on a buyer’s list. If you’re a homeowner who is fortunate enough to have one, it could end up being a deal clincher for a prospective buyer.
As a garage is often a major selling point, it’s important to consider some of the ways in which it could increase your property’s value.
A secure place to park
One of the main benefits of a garage is the guaranteed parking space that comes with it. In areas where parking spaces are at a premium – particularly inner London areas like Bethnal Green and Hackney – having a garage is likely to broaden your pool of potential buyers and can offer them some peace of mind.
Having a guaranteed spot also reduces the risk of parking fines or issues with finding a space to park. Not only does a garage offer parking opportunities, though, but having a car stored in a safe and secure spot could also help to lower the cost of car insurance, as stated by GoCompare.
A long-term asset
Garages can also be seen as a long-term asset. With an increasing number of parking restrictions and hefty fines in many London areas, more home hunters are searching for properties with a garage – with demand likely to rise in the coming years.
What’s more, when your buyer comes to resell the property in the future, the garage will act as a significant selling point, making it a valuable asset.
Potential for extra space
If a garage isn’t occupied by a car, it could be filled with forgotten equipment and memorabilia, meaning that useful space is wasted. If your property happens to come with a driveway or permit then using your garage for other purposes is likely to boost the value of your property significantly.
The possibilities are endless, too. A garage can be transformed into a home gym, office, extra bedroom, workshop area or playroom. It’s also possible to convert the space into an additional kitchen or extra living space if your garage is located to the side of your property.
Fortunately, adding an extra room to your home can be fairly straightforward and, in many cases, does not require planning permission. Even so, it’s always best to check with your local authority.
Installing your own garage
If your property doesn’t already have a garage attached but is blessed with enough space in which to build one, it could be worth creating your own. This may prove costly in the short-term, but the return on your investment in the long-term could be significant as we know garage space is important for prospective buyers.
The cost of building a garage could be anywhere between £2,000 and £3,000, but this could be paid back with interest when you come to sell in the future. After all, you will have a must-have feature to tempt would-be buyers.
Offering buyers parking or extra living space could make all the difference to your hopes of selling, with a particular appeal to people living on narrow roads that are common in East London and the surrounding areas. Whatever you decide to do with your garage, make sure you’re not neglecting its potential.
If you would like any guidance on selling a property in Hertford, Bethnal Green, Essex and the surrounding areas, contact your local Kings Group branch today.
To see how much your home could be worth on the current market, you can request a free instant online valuation.