The Garage May Be a Big Selling Point
Read more: Buyers Will Pay Premium for Garage Spaces
Home buyers care about garage space. One in three buyers say they prefer a three-car garage, according to a survey conducted by John Burns Real Estate Consulting. Fifty-one percent say they want a two-car garage and 10 percent said a one-car garage would suffice.
That doesn’t mean they want the extra space to store another car necessarily. The share of households who own three or more cars has stayed mainly flat. In 2013, 19.7 percent of home owners had three cars in 2013 compared to 17.3 percent in 1990, according to the Bureau of Transportation Statistics. Instead, they’re using garages to store extra items, as workspaces, or even transforming them into in-law apartments.
The trend of desiring extra garage space does appear to be mixed, however.
“We’re seeing more multi-generational housing, where the kids are taking care of elderly parents or you have the new grad moving home after college, and now you have four cars where it might have been two before,” Pete Reeb, a principal at the consultancy, told Bloomberg.
Source: “America Is Building More Three-Car Garages Than One-Bedroom Apartments,” Bloomberg (Oct. 26, 2016) and “Garages in New Homes: 2015 Data,” National Association of Home Builders (Oct. 21, 2016)