When your garage is filled with clutter, however, you’re really squandering an opportunity to maximize the garage value of your home.
For homes with a higher price tag (such as in Vancouver and Toronto, two of North America’s hottest housing markets), the negative financial impact of garage clutter becomes even more pronounced.
While many of the following figures are taken from the Canadian real estate market, the basic theory of this post can apply in any housing market.
Simply put, you’re just not maximizing your home’s value if your garage isn’t being properly utilized.
garage value clutter
High housing prices emphasize the importance of garage value
In June, the average price of a house in Canada was $504,458. That number gets skewed slightly because of the record-breaking prices of homes in recent times in both the Toronto and Vancouver markets.
Those markets have begun to cool off in recent months, partially due to measures (like a foreign buyers tax) brought in by the Ontario and B.C. governments to stabilize the markets.
Even still, the current average price of a home in Toronto is $746,218 (including houses and condos). When you look specifically at Toronto’s average detached house price, that number jumps all the way up to $1.39 million.
In Vancouver, the numbers are even more inflated. The average home price (including houses and condos) currently stands at just over a million dollars. The price of a detached house in Vancouver? That’ll cost you an average of $1.61 million.
It shouldn’t matter if your house costs well over a million dollars or is more modestly priced. Getting the most garage value (and overall value, frankly) out of every square foot of your sizeable investment should be something homeowners take time to consider.
What’s included in a home’s square footage calculation?
Determining a house’s square footage can vary based on location. In Ontario, real estate listings only factor in a house’s above ground living space when determining its square footage.
Take, for example, a two-storey detached home with the following dimensions:
the first floor is 1,300 sq ft
the second floor is 1,100 sq ft
the basement is 900 sq ft
the two-car garage is 600 sq ft
The house would be listed as having 2,400 sq ft, a finished/unfinished basement, and a two-car/double garage.
Note that the minimum recommended size for a two-car garage is 20′ x 20′ (400 sq ft). Somewhere in the 24′ x 24′ range (around 600 sq ft) would be more ideal and allow for easier vehicle access and additions like garage cabinetry.