Using the above figures, the actual total square footage of the house would be 3,900 sq ft when all measurements are factored in.
The 600 sq ft garage would therefore account for 15% of the overall square footage of the home. That’s clearly a pretty substantial portion of your home’s total size.
That percentage also falls in line with a recent study that estimated an “oversized garage” (which we’ll take to mean a two-car garage or larger) had a 14% effect on a home’s selling price.
Start doing the math by using current average real estate prices and the actual worth of your garage, relative to your house, becomes eye-opening:
15% of $504,458 (the average Canadian house price) = $75,668
15% of $1.39 million (the average Toronto detached home price) = $208,500
15% of $1.61 million (Vancouver’s average detached home price) = $241,500
How much more important does your garage value seem when you see its potential worth singled out? Even for a relatively inexpensive home valued at, say, $350,000, that 15% portion works out to just over $50,000. Also remember that the space your garage occupies accounts for part of your property taxes.