Adding a garage to your property is a common way to increase your property value, whether it is attached or detached. This is because the value of your property is determined by the market rate per square foot of the other homes in your area. While other factors also exist such as the age and condition of the property, the size of the property in most cases has the most direct impact on price. A two or three-car garage will especially help increase your property value and it can entice more potential buyers if you sell your home.
A recent study by Florida State University found that the presence of a regular-sized garage increased a home’s value by 13% when compared to similar homes with no garage. Per the FSU study, there was the same increase in home price whether the garage was attached or detached.