Home Selling in Milwaukee>Question Details

jandl, Home Seller in Milwaukee, WI

Need to build a 2 car garage to sell home?

Asked by jandl, Milwaukee, WI Sat Jun 22, 2013

Considering selling 1952 cape cod home within 5 years. Has a 1-1/2 car garage. Bids to build a 2 car plus new slab and driveway = $23,000 plus.
Value of Milw homes to drop more when law comes for allowing City workers to move out of Milw Co. Any positives/worth to spending $23,000?

Help the community by answering this question:

Answers

5
If you can get more than $23K additional upon resale, then it would be a good investment.
Web Reference: http://www.archershomes.com
3 votes Thank Flag Link Sat Jun 22, 2013
There is no doubt that it will add value. The real question is will it add more value than the cost? Instead of guessing I would recommend giving the buyer the option of the improvement with an adjusted price. You cast a wider net that way.
0 votes Thank Flag Link Tue Jun 25, 2013
That law isn't going to create the drop that the news media is claiming. The restriction was Police, Fire and Teachers, and lifting it isn't going to create a mass exodus.

That said, you'll be hard pressed to see a 23k improvement in your property value by adding that garage. There are better options than a garage.

Contact me if you have any questions.
0 votes Thank Flag Link Mon Jun 24, 2013
If you will get your money back on resale it may be worth it. If you need to explore financing options I would be able to help you with that as I do the FHA 203k Rehab loans - Full/Consultant & Streamline. Purchase or Refinance. Sounds like you would need the full/consultant as a gargage is considered structural. Call or e-mail if you would like to explore this option...

Sincerely,
Mandy Fritsche, Prospect Mortgage, Mortgage Loan Officer, NMLS# 557211
262-327-5700 Cell, 877-868-9198 Fax, mandy.fritsche@prospectmtg.com
http://www.MyProspectMortgage.com/mfritsche
0 votes Thank Flag Link Sun Jun 23, 2013
Depending where you are in the City you might get that back. I'm thinking probably not a good idea to do it if your consideration is strictly based on resale.
0 votes Thank Flag Link Sun Jun 23, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer