What to Do With One-Car Garages in a Two-Car Garage World?
Everything about it is perfect, or so you thought. You find an older home that has an attractive price tag and a delightful charm to it. The only problem? It only has a one-car garage, and you know that most of your prospective tenants are looking for a two-car garage. As a real estate flipper, you know that this could put some obstacles in the way of your plan to begin renting out the property as soon as possible. However, before you move on from this older home in search of another investment, consider the ways that you can still make this work.
Install a Covered Driveway
Outright expanding the existing driveway is almost certainly too costly to make sense. Besides that, it is possible that such a project might fly in the face of local ordinances and/or building codes. As such, it is best to look for other solutions that can be far more effective for you. Among those options include installing a covered driveway.
Among the benefits of a covered driveway include:
- Protection from the Weather – Vehicles that are parked under the covered driveway will enjoy protection from the outside elements in ways that they wouldn’t if they were left out in the open. This is particularly useful during periods of stormy or snowy weather.
- Maintains a Cool Temperature in Your Vehicle – The summer months can be brutally hot in some areas, and it is not pleasant to get into a vehicle that has been left out in that heat all day. A covered driveway makes it possible to keep the internal temperature of the vehicle much cooler than it otherwise would have been.
- Improved Appearance for the Property – There is an upside to the curbside appeal of any property that has a covered driveway installed. People instantly recognize this as an upgrade, and they might even decide that they want to take a closer look at any property that has such features.
These benefits can help to offset the fact that the property is limited to a one-car garage. Prospective tenants are more likely to be forgiving of that fact if they know that they have a covered driveway available to them.
Covert a Portion of the Backyard Into a Parking Space
Just because a property is limited to a one-car garage doesn’t mean that more space can’t be converted. In fact, many investors will seek to convert at least part of the backyard into a parking space to provide their tenants with a little more room for their vehicles. It is not necessarily the case that all tenants will want to utilize every square inch of their backyard for recreational purposes. Therefore, why not offer them more space to park their vehicles and help alleviate some of the issues around the lack of a two-car garage?
Offering a More Reasonable Price
Another tactic that many savvy investors use is to simply offer to lower the rent that they charge or even lower the total selling price of the property that they are considering selling. In either case, this can prove highly effective. They are giving up a little ground on the asking price, but they are far more likely to attract interested parties by doing so. Giving up a little piece of the action because the two-car garage is not available shows that the investor is a rational and reasonable person who is willing to work with prospective buyers or tenants.
Before dropping your asking price too far, make sure you have done your homework on the comparable properties in the area. You don’t need to undercut yourself too far, and you certainly don’t want to give up potential equity that you otherwise would have been able to cash in on. With that in mind, always make sure you offer to cut back on your asking price only to the point where it makes financial sense both for you and for the buyer.
The lack of a two-car garage on any property does not have to mean that the property holds no value to you at all. In reality, there are plenty of outstanding one-car garage properties that you can snap up for a great price and potentially make a significant return on your investment. Simply understand what it will take for you to cash in on the available properties out there.