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practicalhome, Home Owner in Atlanta, GA

Garage/parking pad and return on investment

Asked by practicalhome, Atlanta, GA Thu Dec 20, 2012

We recently bought a ranch in the N Druid Hills area- both front and backyard are large. The carport side of the house is pinched, with the property mainly sitting on that side rather than in the middle of the plot. We're planning on replacing the failing driveway with a new one. Any thoughts on closing off existing carport with garage or whether we should add a parking pad? What's the return on investment for a closed in garage or parking pad?

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7
I would think both projects would return your investment. Enclosing the carport would be a higher priority than the parking pad.
0 votes Thank Flag Link Thu Jan 3, 2013
Hi!
I just closed off a carport to expand the kitchen and to add dining room in the investment house. the return is about 350%. (i didn't use a contractor though). Of course the return on closing off carport for a garage is lower. But its not less then 40- 50%

Katya Cooper
Keller Williams Realty Atlanta Perimeter
Realtor ®
Cell: 256-565-6082
Email: katya@kw.com
0 votes Thank Flag Link Thu Dec 20, 2012
I would enclose the carport so that it serves as a garage AND put an additional pad area in. That will add parking out of the main driveway for additional cars as well as a turnaround area. You should look at comparable properties to see what most have - some of this will be dependent upon price range, most common area demographic and what is expected vs considered enhanced in your area and in competing homes.

As Lee pointed out, there are guides out there but the bottom line is that you make improvements to enhance your lifestyle then to enhance value and appeal. Sometimes the best ROI comes from an obscure or unexpected improvement - but if it matters to you then it's worth it. Of course the real world doesn't care about you so you do have to keep an eye on market ROI.

Do your homework but I would say that from both an appraisal and market standpoint, garages are always a plus.

Hank
Web Reference: http://www.hmtatlanta.com
0 votes Thank Flag Link Thu Dec 20, 2012
Closing the existing carport and creating a garage will add value to your home. Many people feel caqrports are old and outdated. I am not an expert on the cost involved, but check with a contract for that information
0 votes Thank Flag Link Thu Dec 20, 2012
This is all about scale, but for what it's worth, I always check the Remodeling magazine "Cost vs. Value" report when questions like these arise. See the web reference:

Start with their average scale for a garage addition:

"Construct a 26-by-26-foot freestanding two-car garage, including footings and slab-on-grade foundation, 2x4 wood frame with OSB structural sheathing, and gable truss roof at 6/12 pitch. Install 25-year asphalt shingle roofing with galvanized metal flashing; vinyl siding and trim. Install five double-hung 30-by-48-inch vinyl windows; one 3-0/6-8 exterior door with half-glass and lockset; and two composite 9-by-8-foot overhead doors with motorized openers. Include 100-amp breaker at main house panel and 50 linear feet of trench buried conduit to feed new electrical subpanel. Provide electrical wiring for openers; three-way switching for fluorescent ceiling fixtures over each bay; three-way switching for two exterior spotlights; outlets to code. Interior wall, floors, and ceilings remain unfinished."

These are their numbers for our region of the country:

$57,824 cost $33,089 value 57.2% cost recouped at sale

I'm just around the corner in Decatur if you ever need more of this esoteric, copy/paste knowhow ...
0 votes Thank Flag Link Thu Dec 20, 2012
Here in Upstate NY - garages are considered extremely important. When we do appraisals or comparative market analyses, we frequently give an adjustment up of $5,000 per stall if we are comparing them to comparable sales without garages, assuming the garage is in good condition. The Return on Investment would depend upon the cost of the garage - but it would definitely increase it's intrinsic value and increase the number of potential buyers. Many buyers will not even consider homes without garages.
0 votes Thank Flag Link Thu Dec 20, 2012
Practical Home,

Without a doubt, close it in and make it a garage with an operable door. Assuming it can fit two cars, you would probably spend $1200 on the Garage Door and Operator and another $2,000 on framing it in and putting an finish (assuming brick) on the exterior.

A garage is much more desirable and will be easier to market and sell if and when the time comes. You will thank me in January.

Good luck!
0 votes Thank Flag Link Thu Dec 20, 2012
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