Mark, Both Buyer and Seller in Home, WA

Red morton park area. Can a property owner of a 3b/2bahome with detached 2car garage convert the?

Asked by Mark, Home, WA Tue Jul 15, 2008

garage into an apartment or cottage and replace the garage with a 2 car covered carport?
How would this effect propety value?

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Answers

2
you need to read through any covenants that affect the property, including city or town zoning to find out "IF" you can do it. To get a best guess on affect of value, call a real estate agent or appraiser, or both. Be careful how it may affect not just the value but the availability for differnt type of financing for future buyers. (not done properly fha may not be willing to ensure a loan on it, for example) the agent or appraiser can help with that, too. Also - your county or state tax assessor MAY be able to help estimate the value change.
0 votes Thank Flag Link Wed Jul 16, 2008
Mark:
Do you know the zoning of the property? There are some R2 lots in the Red Morton area. What is the lot size? Some bigger R1 lots can qualify for a cottage or second unit. You are astute in understanding the City will require you to replace and provide off-street covered parking. If you ever look at a property with a converted garage and no carport, there is a good chance the conversion was done without permit.
My sense is that without knowing the property I would lean against creating the 2nd unit. The Red Morton area of Redwood City seems to top out at a little over $1M where the typical 3/2 might be $850K to $900K so I would look closely before putting a lot of money into the property and perhaps overbuilding for the area.
0 votes Thank Flag Link Wed Jul 16, 2008
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