When it comes to garages, size definitely matters. A recent study conducted by the website, realtor.com, found that buyers are typically more likely to pay a premium for homes with extra-large garages. Whether it’s to store their vehicles, yard equipment, recreational toys, or Christmas decorations, the extra space has become crucial. The study involved an analysis of homes listed for sale during the first 10 months of this year. Researchers found that the asking price was 11.45% higher for homes with a three-car garage than for homes with room for only one-car.
The majority of homes listed in the report had two-car garages, and it comes as no surprise that those listing a three-car garage were larger and more luxurious properties. Also not shocking was the fact that when compared to houses with one parking space, those boasting a seven-car garage had an asking-price that was (on average) 31.4% more. According to a recent article from the Wall Street Journal, developers built a large number of luxury homes with big garages during the recession of the late 2000s in order to cater to wealthy households. “Most people who purchase a home with six, seven, even more garage bays–they’re really very likely to be either collectors or auto hobbyists,” said Stephen Melman, director of economic services at the National Association of Home Builders.