When you bought your house, it appealed to you so much that it did not matter that it had no garage. But now that you want to sell it, is it a cause for concern?
You bought it, why wouldn’t someone else?
If you price the house correctly, even the absence of a garage will not change the prospect of sale. The house met your needs along with appealing to you in other ways. A prospective buyer with similar taste would like it equally. Through market research of sales of houses similar to yours in your vicinity and taking the help of a good real estate agent, you can price your home smartly and be on the road towards reselling it, even without a garage.
In some locations, the absence of a garage may not be a factor.
There are certain settings around the country where homes without a garage tend to be found. People do not feel the need to own their personal cars in areas where there are mass transit systems as well as retail spaces a stone’s throw away. For those who own a car, lot or garage parking spaces may be available close by at a monthly surcharge of around $300.
Another example of rare presence of garages is in historic home districts of cities. Residences built prior to the automobile era may never have had a garage, or may have added a detached shed later. Thirdly, there is no space for garages in neighborhoods comprising small lot sizes.
If the absence of a garage is a norm in your area and not an exception, then you would have no trouble selling the place, keeping in mind you price strategically.
When does “no garage” become a challenge?
When your property is an exception in the area that is when this becomes troublesome. In a neighborhood comprising houses with garages, the fact that you do not have one means you are amongst the unfavorable properties in the vicinity. Prospective buyers would be signing up for no driveway parking, as well as the lack of storage space for holiday decorations, lawn equipment, and other household items.
At times, home owners with a garage space use it as additional living space such as an extra bedroom or game room. The prospective resale value of the extra living space must be offset by the deprivation of storage and parking when thinking of a garage conversion. If the house has enough basement or attic space then there will be little impact on the price.
Strategically set the price.
Ensure that you set a realistic price for the sale of a house with no garage, based on factors such as whether or not other houses in the vicinity have garages. You can think about taking advice from a construction firm to provide you with an estimate on the cost pertaining the building of a garage – this is usually around $10,000 – or reversing a conversion. If there is a prospective buyer interested hesitating based on this issue, you can disclose the estimate of adding a garage and further negotiate the sales price. However, only show these estimates and state a lower price if the buyer considers this an issue.
