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 :)
Welcome Home Realty
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.
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