Home Improvements: Garages add value

Adding a garage can add real value to a property, according to Greeff Christie’s International Real Estate chief executive, Mike Greeff.

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

“Sellers are unlikely to lose out when selling a home with a garage. 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 can be sold for around R150 000 more than those without garaging.”

“Garages in this area are also rented out for between R1 000 and R1 500 a month,” say Ryan Greeff and Marthinus Botha, directors of Greeff Properties City Bowl.

“In areas like Lynfrae and Claremont double garages can push selling prices up by as much as R200 000. In many of the southern suburbs garages are expected; so buyers may not even look at a home without one,” says Greeff.

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

Greeff says that building a garage need not be excessive, as it calls for a basic structure with only a flat roof and need not have floor or wall coverings. However, if you spend a little more on tiles and ceilings, the space can be used as a playroom or entertainment area.

“A garage with a flat roof offers a good foundation for an upstairs flatlet, which could be an income producer. Garages that are attached to a home allowing direct entry are more convenient, as they offer shelter from and provide greater security than detached buildings.

“When you structure 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 for unwanted items.

“A garage increases the area of a home, making your entire property a more valuable commodity,” says Greeff.

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