Add a garage to increase value

Adding a garage is probably the most desirable of all the home improvements, according to Mike Greeff, chief executive of Greeff Properties, an affiliate of Christie’s International Real Estate.

“An increase in crime has made on-street parking a lot more risky, so most buyers want homes with secure parking facilities, and garaging your vehicle overnight means you’ll save on insurance premiums,” says Greeff.

“In certain areas where off-street parking is at a premium, a garage offers a definite return on investment. In the city bowl for instance, apartments with garages attract around R150 000 more than those without garages. In this area garages are also rented out for up to R1 000 a month.

“In areas like Lynfrae and Claremont double garages can push prices up by as much as R200 000. At the other end of the scale, in the Clifton, Bantry Bay market, some buyers are prepared to pay up to R2 million more for a home with garages. In many areas of the southern suburbs garages are expected, and many buyers may not even look at a home without one.

“Statistics show that rental properties with garages and storage areas attract higher rentals in all areas than those which offer on-street or exposed parking. Even if tenants don’t have cars and use public transport, there is likely to be someone else who is keen to pay rent to use the garage and storage space,” says Greeff.

“The cost of building a garage doesn’t have to be excessive – all you need is a basic structure with a flat roof and no floor or wall covering. If you spend a little more on tiles and ceilings, the garage can be used as a playroom or entertainment area.”

He says a garage with a flat roof is a good foundation for an upstairs flatlet, which could be an income producer. He says when planning to build a garage, homeowners should bear in mind that garages that allowing direct entry to a home are more convenient, and provide greater security than detached buildings.

“When you build a garage, always allow for storage facilities to ensure that the garage is maintained as a neat and serviceable utility area rather than a dumping ground. A garage adds to the surface area of your home, making your entire property a more valuable commodity,” says Greeff.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 23 Feb 2018
      RE/MAX Property Associates’ Table View Office, which services property buyers and sellers along the Table Bay coastline and surrounds, has recently sold a home in Woodbridge Island for R11 million – the highest price paid for any home in the sought-after security complex.
    • 23 Feb 2018
      Choosing to invest in an overseas property can be daunting. But as more and more investors recognise the value of a diversified portfolio that includes property outside of their own country of residence, international property investment is growing in popularity.
    • 23 Feb 2018
      The positive change in South Africa’s political landscape is paving the way for an upswing in the local property market.
    • 22 Feb 2018
      An excellent credit score is one of the most priceless assets a potential home buyer can have. This tool has the power to secure favorable mortgage and refinancing rate, influencing everything from the size of the loan repayment to the interest rate on the home loan.
    • 22 Feb 2018
      What do you do if you love your home’s location and the area, but the home no longer fits your growing family’s needs? Do you stay and renovate your existing home or find a home that meets your developing criteria?
    • 22 Feb 2018
      While every owner wants to sell their property at the best possible price, overpricing a home can be the kiss of death for a sale.
    • 21 Feb 2018
      Given the hand they were dealt, government has performed a delicate balancing act which it is hoped will serve to reignite confidence in investment in South Africa, regain our global credibility and satisfy the credit ratings agencies, says Dr Andrew Golding, chief executive of the Pam Golding Property group.
    • 21 Feb 2018
      The real estate mantra, ‘location, location, location’ remains a strong market influence regardless of the prevailing economy, with suburbs like Rondebosch enjoying the buffering benefit of being ideally situated.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us