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.

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