Can a garage help to sell your South London home?
If you’re selling your home, you’ll want to ensure that you get the best possible price. With this in mind, it’s worth considering how you can add value to your home before you come to market.
Garage space is one of the most common must-haves for prospective buyers, with research suggesting that it could add up to 5% to the value of a property. This means that if you have garage space available, it should be an essential part of your sales strategy.
Here at Key Property Consultants, we present some of the ways in which your garage could increase your property’s value.
A guaranteed parking space
One of the beneficial things about having a garage is the guaranteed parking space it offers. If a car can be safely stored in a garage, the possibility of parking fines or issues with finding a space on busy, crowded roads is very low.
This is especially important in South East London, where the number of parking restrictions in busy areas such as Bromley, Lewisham and Croydon are steadily increasing.
By offering a guaranteed parking space in areas where parking spaces are at a premium, you can offer peace of mind to buyers who place getting their car parked with ease as a top priority.
What’s more, if you can offer a guaranteed parking space, your property will be all the more desirable to house hunters.
Not only does a garage offer parking, but GoCompare states that having your car stored in a safe and secure space could help to lower the cost of car insurance.
Garages are also seen as a long-term asset. As demand for parking is likely to remain consistent in the coming years – and may even rise – a garage will act as a significant selling point should your buyer come to sell in the future, meaning that its value as an asset is lasting.
Typically, garages that aren’t occupied by a car tend to be filled with forgotten equipment and memorabilia, meaning that valuable space is wasted.
If you’re lucky enough to have a home that offers both a garage and has a parking spot, then you may be able to increase the value of your property further by converting the garage into extra liveable space.
Adding an extra room to your home is fairly straightforward and, in many cases, does not require planning permission. Depending on the size of the garage and the floor plan of the home, it could be converted into a new study room, general living space, study, or a gym. A step further could be to transform the space into an additional kitchen or an extra bedroom.
Whatever you decide, we would strongly advise that you seek professional advice and check with your local authority prior to commencing any work.
Creating your own garage
If your home doesn’t already have a garage attached, it could be worth installing your own, providing you are blessed with the space to do so.
This may seem costly, but it could drastically increase your chances of receiving a good return on your investment in the long-term, considering the growing demand for garage space from prospective buyers.
Building a garage could cost you anywhere between £2,000 and £3,000, but this could be paid back with interest when you come to sell in the future. After all, you will have acquired a must-have feature that would-be buyers will be attracted to.
It’s clear that offering buyers parking or extra living space could significantly increase your chances of selling. In areas comprising narrow roads and limited off-street parking, it’s important that you emphasise the uses of a garage in your sales pitch.
For more information on how we could help you to sell your home in South London, Croydon and parts of Kent, don’t hesitate to get in touch with us on: 0203 793 2033.
You can also request a free and instant online valuation to see how much your property might be worth in the current marketplace.