The garage used to be a purely functional space. It was that black hole where you crammed every soccer ball, winter jacket, holiday decoration, and family photo albums that wouldn’t fit inside the house. It was a practical space that most visiting guests never saw. However, more and more homeowners are investing in garages, treating them as additional rooms rather than storage spaces.
High-end homeowners are re-doing their garages- big time. They clearing the clutter, bringing the cars back into garage, and investing in serious high end luxuries. Three bays, finished walls and floors, cold and hot running water, and heating systems are becoming standard in the garage. According to the Wall Street Journal, one remodeling company has seen an approximately 50 percent increase in garage projects over the past three years.
Technology advances has also made high-end garages more lavish than ever before. Quieter car lifts can hold more tonnage, and iPads and smart devices can control entire rooms. One 1,500-square-foot garage holds four cars above ground. A fifth car is kept below ground via a subterranean lift that opens into a wine cellar. Finally, a lofted living area with a kitchen and full bathroom overlooks the area where the cars are parked. Finally, a glass door was put in between the wine cellar and underground parking space so the owner can see the car from the cellar.
The price tag for these types of installments don’t come cheap, swinging upwards towards one million dollars for the garage. Roughly 85% of all single family homes in the U.S. have a garage and 74% of those say parking cars is its most important use. But the spaces are increasing. Of new homes built in 2011, 29% of them had a three-car or larger garage.
The spaces are meant for entertainment and show, rather than a simple parking space. But while they can be a great addition for owners and even boost the real estate value, high end garage additions can add significant liability. Depending on the size and amenities, a standard home insurance policy may not cover the cost to repair or rebuild your garage if it is ever damaged.
Sinclair Risk & Financial Management offers selected programs designed exclusively for our affluent clientele and their high value homes. These homeowners programs provide higher limits and broader coverage than standard policies and are designed for houses worth millions that often include expensive furnishings and cutting edge technology and equipment. Contact us today for more information .