When I have clients that either have a three car garage or if we're comparing them to homes that do have a three car garage, they are curious what the value of that third bay is so we can accurately access value.
Value of a 3 Car Garage
So generally speaking, if we have a three car garage straight across, usually that value is going be around $8,000 to $10,000 more than if we only have a 2 car garage. If you have what’s called a tandem garage, so you have 3 covered spaces but only 2 cars across and the third bay is in front of one of the other bays, then the value is a bit less, say around $6,000-$8,000 versus it being a true 3 car straight across, but you do get more value than just having the standard 2 car garage.
When you are building a home, I do recommend if you have the option to have a 3 car garage, it is a structural upgrade that you will get the value out of when you sell the home and it usually will help you sell your home faster in the future when you do go to sell if you are being compared to homes that have a 2 car garage because more buyers are looking for the additional garage space.
So if you are comparing your home to homes that have a third bay and you only have 2, you can deduct around $8,000 to $10,000 for that additional bay and come up with a realistic price for your home, all other aspects of the homes being similar.
Get more home selling tips and check out my post What do I Need to do to Sell My Home?