Home Buying in Belleville>Question Details

Allidap, Home Buyer in Belleville, NJ

how much value does a garage have on existing home?

Asked by Allidap, Belleville, NJ Mon Jan 16, 2012

I am in the middle of home inspection today and see that the attached garage was cut in half, where I am unable to park my jeep, therefore they stated there was a 1 car garage, and there is not, they expanded on the kitchen, and expanded into the garage for the extra space, leaving so called garage more as a storing area. I need to know how much should I have negotiate with the seller to reduce home. How much value does an attached garage have on a single family home.

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Answers

5
The value depends on what you will be using the garage for. In most cases it is used for tools and storage.
Ask your agent to pull comps to see what comparable homes are selling for minus a garage and go from there. Jeffrey is correct. Average cost for 1 car garage should be 10-15K.

All the best.
Web Reference: http://ninaharrishomes.com
0 votes Thank Flag Link Tue Jan 17, 2012
Value of a garage is 10-15k per car. There is your negotiating stance. Good luck!
0 votes Thank Flag Link Tue Jan 17, 2012
Was the change to the property made after you saw the home and made your offer? I would speak to your agent and ask what other comparable properties in the area that have a one car garage have recently sold for to determine what value a garage would have. If the status changed after you made your offer consult with your agent and possibly your attorney to remedy the situation. If the status of the garage at the home has not changed from when you first viewed the home I would have considered that before making your offer or going through the expense of a home inspection. Hope everything works out to to your satisfaction.

All the best,
Gary Geer

http://www.GaryGeer.com
0 votes Thank Flag Link Mon Jan 16, 2012
Whether or not you want the original garage back, could you assume you want to have the original size garage back. Get some contractors' estimates and use them to negotiate.
Web Reference: http://Kkyan.com
0 votes Thank Flag Link Mon Jan 16, 2012
Allidap, all depends on what it is worth to you. A 1 car garage in my opinion and 25 years experience is mostly used for storage. Very few owners will park their vehicles there, usually too small to begin with. A 2+ car garage is totally different. The majority in my experience do park their cars in the garage in these instances.

If you did not notice or see the condition of the garage previously, speak with your representative, and see if you get negotiate that part of the transaction. In my locale of Pennsylvania, the majority of buyers view the property prior to making and offer, and we also have Sellers Disclosures which are completed in full if there is an owner who recently lived in the property. That 5 page report is an in depth questionnaire of the property being sold, filled out by the owner.

Best of Luck to you,

Rob Hughes-Long and Foster-RE INC.
0 votes Thank Flag Link Mon Jan 16, 2012
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