Garages add value
Category Property news
Of all the home improvements one could make, the addition of a garage is probably the most desirable, according to Mike Greeff, CEO of Greeff Christie’s International Real Estate.
“An increase in crime has made on-street parking a lot more risky, and buyers want a home with secure parking facilities, furthermore, garaging your vehicle overnight means you’ll save on insurance premiums,” says Greeff.
“Sellers are unlikely to lose out when selling a home with a garage, in fact in certain areas where off-street parking is at a premium, a garage offers a definite return on investment,” adds Greeff. In the City Bowl, apartments with garages attract around R150 000 more than those without garaging.
Garages in this area are also rented out for between R1000 and R1500 per month, according to Ryan Greeff and Marthinus Botha, directors of Greeff Properties City Bowl.
In areas like Lynfrae and Claremont, below the railway line, double garaging can push selling prices up by as much as R200 000. “In many areas of the Southern Suburbs, garages are expected; so many buyers may not even look at a home without a garage,” says Greeff.
“Statistics show that rental properties in all areas, with garages and storage areas attract higher rentals than those which offer on-street or exposed parking. Even if the tenant does not possess a car and uses public transport, there is likely to be someone else who is keen to pay rent to use the garage and storage space,” explains Greeff.
“The cost of building a garage need not be excessive, given that it calls for a basic structure, which invariably only requires a flat roof and need not incur the expense of floor or wall covering,” adds Greeff. “Spend a little more on tiles and ceilings, and the garage can be used as a man cave, playroom or entertainment area for large gatherings.”
“A garage with a flat roof offers a good foundation for an upstairs flatlet, which could be an income producer, “ suggests Greeff. He adds that when planning to build a garage, homeowners should bear in mind that garages which are attached to a home allowing direct entry are more convenient, in that they offer shelter from inclement weather and provide greater security than detached buildings.
“When you structure a garage, always allow for clever storage facilities to ensure that the garage is maintained as a neat and serviceable utility area rather than a dumping ground for trash, advises Greeff.
“Ultimately a garage adds square metreage to your home, making your entire property a more valuable commodity,” concludes Greeff.
Author: Greeff Properties
