You bought your house because it was so appealing you could live with the fact that it had no garage. But should you be worried when it’s time to sell?
If you liked your house, so will someone else
Priced correctly, most houses will sell even if there’s no garage. You bought this house because it appealed to you and meet your needs. Someone with similar tastes and needs will find it appealing, too. With the help of a good real estate agent and accurate comparable sales of similar homes in your neighborhood, you can set a price that puts you on the path toward resale even if you have no garage.
No garage is not a factor in some locations
Homes with no garage tend to be found in certain settings around the country. In large urban areas, for example, robust mass transit systems and retail space within walking distance to minimize the need to own a car. For residents with cars, street parking may or may not be available, but nearby lot or garage parking spaces may be available at around $300 per month.
Another setting where garages are rare is the historic home districts of cities. Houses built before the era of the automobile may never have had a garage, or a detached shed may have been added later. Finally, neighborhoods with small lot sizes often don’t have space for garages.
If no garage is the norm, not the exception, in your neighborhood, then selling without one should not be an issue as long as you price strategically.
When no garage becomes a challenge
Having no garage is a challenge when you are the exception in the neighborhood. In a neighborhood where other homes have garages, not having one means you compete unfavorably when selling. Buying your home means driveway parking and no storage space for lawn equipment, holiday decorations, and other household goods.
Sometimes owners who have a garage convert it into additional living space such as a game room or extra bedroom. When considering a garage conversion, the potential resale value of the extra living space must be offset by the loss of parking and storage. There will be less impact on price if the home has plenty of attic or basement storage.
Set that price carefully
To sell a house with no garage, take care to set a realistic price based on whether other houses in your neighborhood have garages. Consider asking a construction firm to give you an estimate on the cost of building a garage — often around $10,000 — or reversing a conversion. If you have an interested buyer wavering over the issue, show them the estimate and be prepared to negotiate over the sales price. But don’t volunteer a lowered price and present these estimates unless your buyer says it’s an issue.
Related – Six Easy Steps to Creating Curb Appeal
