June, Both Buyer and Seller in Phoenix, AZ

How much value a detached 1 car garage should add to an apartment in the Ahwatukee area?

Asked by June, Phoenix, AZ Tue Feb 26, 2013

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Answers

5
Hi June

There is not going to be a standard adjustment that an appraiser will use for a 1 Car Garage. Instead, it will be based on market values in the area and what a buyer is willing to pay. An appraiser may look at what a home with a garage would recently sell for compared to a home without a garage.

If you are looking for an idea of what the value of similar condos to yours have sold with or without a garage for comparison of values please feel free to call me and I would be more then happy to put together a CMA for you.

Hope this helps :)

Matthew Desaulniers
REALTOR
Welcome Home Realty
Direct: 602-845-9440
http://www.phoenixfirstlookhomes.com
1 vote Thank Flag Link Thu Feb 28, 2013
Hi June,

That is a great question and a tough one to answer. Is this an actual apartment for rent or condo that you own? If renting than the question is: How much is it worth to the renter? extra $100, $200, 300 a month?
If this is a home or condo that is owned there are 2 ways to give homes and their features value. If someone wants to buy it how much are they willing to pay for it? OR What is the appraised value?
With any feature of a home the only way to actually place a value on it, as in "market value", is to compare it to other homes that have sold in the same area with that same feature. Are there other homes with a detached garage in your area? If there have not been any recent sales in the same area with a detached garage than how do we really know what someone will pay for it if they want to buy it? This same comparison can apply to rentals as well.
When an appraiser assesses a home they use the data from the above example (other similar sales) to determine the market value. If there have been no other similar sales than they use standard adjustments to compensate for features that a home does or doesn't have.
For example: No pool -$15,000, fire place +2,000, detached garage +10,000
I think that the question is: How much is someone that WANTS a detached garage willing to pay for it?
I hope this helps a little.

Matthew Remus
480-233-5002
1 vote Thank Flag Link Wed Feb 27, 2013
It may be relatively easy to investigate the monthly rental price of garage parking spaces in the area. In our area that would be around $110.month. There would be an added value to the garage space if it is adjacent to the apartment.
0 votes Thank Flag Link Mon Feb 3, 2014
I would say beween $2000-$5000 tops as I don't think he will consider much higher since it's not attached.
0 votes Thank Flag Link Wed Jan 8, 2014
It is for an investment 2 bedrooms apartment I own. It already has a 1 car attached garage, and I am trying to decide how much resale value buying a detached 1 car garage will add.

Are you saying $10,000 is the standard adjustment an appraiser will use for a detached one car garage? Or that is just an example?

Does anyone knows what is the standard adjustment an appraiser will use?

Thank you for your help
0 votes Thank Flag Link Wed Feb 27, 2013
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