In My Neighborhood in Denver>Question Details

kzed, Home Owner in Denver, CO

We are thinking about building a garage, however, we don't anticipate being in our home more than 3 years. Would adding a garage be a bad idea?

Asked by kzed, Denver, CO Tue Sep 18, 2012

We're in the Clayton neighborhood

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15
Boulder Suz’s answer
Hello kzed,
The consensus seems to favor building a garage - especially if all the other homes in the neighborhood have garages. You might not recoup your entire investment, but you may sell your home faster.

If you hire a contractor to do this work be sure to check for a license and insurance.

Best regards,
Suz
1 vote Thank Flag Link Tue Sep 18, 2012
Hi Kzed - as you are already thinking of moving from your home, now might be a good time to consider a move. Rates are hovering around 3.25% - so it is possible the garage you want is available with a wonderful house attached at a price that would surprise you.
1 vote Thank Flag Link Tue Sep 18, 2012
Adding a garage in the central Denver neighborhoods is one of the best bangs for the buck out there. I have an investor client that specifically seeks out homes without garages so he can add that value (for both resale & rental). Garages tend to be very affordable to build. I would be glad to discuss in more detail the financial returns of such an investment. Best of luck!
1 vote Thank Flag Link Tue Sep 18, 2012
If you are already anticipating selling your home in three years, don't feel it's premature to contact a realtor in your area for their advice. You can be upfront and tell the agent you won't be listing for several years but would like advice as to comps in your area for homes like yours that have garages so you can decide whether you will get your investment back. A realtor can also give you ideas of home improvements, decorating ideas and other information to start and prepare to sell in the future.
1 vote Thank Flag Link Tue Sep 18, 2012
There is not a clear cut answer for this. Feel free to contact me, and I can look at your specific situation. Depends on the neighborhood, the cost of the garage you are adding, size of the lot (will there be any yard left), size of your house compared to others on the market.
0 votes Thank Flag Link Tue Sep 25, 2012
You should certainly build the garage. You will not only get to have the comforts of the garage for the reminder of your time at the home. but it will also improve your resale value!
0 votes Thank Flag Link Sun Sep 23, 2012
Clayton neighborhood is getting very exciting with its affordable prices, super close proximity to downtown and city park. And those good size lots are begging for a garage! In 3 years, when it's time to sell, your house will definitely stand out and attract more buyers. I recommend to all my buyers in Clayton neighborhood to build a garage!
0 votes Thank Flag Link Sun Sep 23, 2012
Sometimes we end up in our homes longer-shorter than anticipated. Make your house your home while you are there. Garages are always an asset to any home. Best of luck!
0 votes Thank Flag Link Wed Sep 19, 2012
Kzed,

My thought is that you can enjoy the garage for 3 rough Colorado winters. When you do decide to sell your home it is normally a good benefit to have for the next buyer. In Denver a newer 2-Gar garage averages another $8,000-$10,000 to the purchase price. I work the Clayton area and think that in that emerging area it would be a good idea to have the garage built. Just don't overspend on the garage so you don't recover enough of your investment. All the best to you.


Robert McGuire ASR
Broker/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes Thank Flag Link Tue Sep 18, 2012
Sorry to hear you are perhaps leaving the Denver area. I think it would be a great addition to any property to have a garage. It will really depend on the market at the time of sale whether you get your cost out of the property. But I must say that many time it helps you Sell the property. Best of luck to you in your adventures, if I can help in any way please get in touch.

Bill Pearson
720-329-1470
0 votes Thank Flag Link Tue Sep 18, 2012
It depends on the neighborhood. We have found that you can recover the cost of a new garage if it would make your home stand out compared to the competition. Most of the time a garage will add value but not as much compared to other improvements like kitchens, baths and curb appeal items. You want to do the research and see what other homes that have sold have as well. If most of the homes in your area have garages then maybe you should consider it. The last thing you want is a potential buyer over looking your home based on yours not having what most of the homes in your price range/area/condition have. A good Realtor can do this research for you when you get close to listing the property for sale. Let me know if I can help. I work in the Clayton neighborhood often and I'm familiar with the homes.
0 votes Thank Flag Link Tue Sep 18, 2012
I totally agree that you would be very wise to solicit the advice of an agent that does business in your neighborhood. The addition of a garage, and whether or not it would be a good idea or, perhaps a necessity to sell your home, depends largely on the norm in your neighborhood and your Realtor should be able to give you the stats on sold comps in the area to help you determine if adding the garage makes monetary sense. Claytion is a mixed-bag and would need to look at your unique situation to help you make this determination.
Good luck
Chuck Strauss
Your Castle Real Estate
720-318-7598
denverhomeguru@gmail.com
0 votes Thank Flag Link Tue Sep 18, 2012
I assume that adding a garage is for your own benefit vs an attempt to add value now.

Garages are beneficial provided that the garage doesn't take away valuable yard space, it is done in keeping with the standards of the neighborhood, and you do it with a permit.

As Martine and Terry suggested, it doesn't hurt to ask a local Realtor to give you their opinion so you don't over spend.

Have an amazing day!
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Tue Sep 18, 2012
Hello - first and foremost, if having a garage would benefit YOUR life, your quality of life, there is a great, intrinsic value to it already; not everything in life needs to be done for investment purposes. But to that end, it would be very difficult to prove a dollar:dollar value increase in your home, BUT if you do not build the garage, list your home and sit on the market hearing buyer after buyer complain "Love it, but there's no garage," you will regret not having done it AND not having had the 3-year benefit of having a garage. I'm one of the agents who sells quite a bit in Clayton/City Park and I can tell you, without pause, that every buyer there wants parking. Having a garage will make it sell much faster in the long run. Don't overspend on it (but do make sure it has electricity so there can be a automatic garage door opener). If you'd like a side-by-side comparison of homes sold recently that had garages versus not, just ask! -Nicci@NicciHyatt.com
0 votes Thank Flag Link Tue Sep 18, 2012
If your neighborhood standard includes garages, then you should take a hard look at building one to compare what it would cost to build vs. return on the investment on the sale of your home. If garages are not the norm in your area, then I would probably pass on building one. Definitely contact an agent prior to spending any money on your home in anticipation of a future sale. She can give you good advise as to where to, and where not, to spend your money.

Martine Addison
Classic Colorado Homes Group
RE/MAX Professionals
303-268-4268
http://www.ClassicColoradoHomes.com
0 votes Thank Flag Link Tue Sep 18, 2012
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