Remodel & Renovate in 43026>Question Details

Jennifer8, Other/Just Looking in 43026

We currently living in a house with a 1 car garage. We are considering converting it to a 2 car garage,

Asked by Jennifer8, 43026 Sun May 17, 2009

pending township ordinance, etc. My question is how much resale value is there in a 2 car garage vs a 1 car? We are trying to decide if this makes sense to do in the long term. Thanks

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9
Jennifer,

I pretty much agree with everyone already, but I have a few additional thoughts.

If you know that you will eventually move to another home, then you must also think of what is more important to you - time on market or sales price. Since you have already accomplished major renovations, then it may be that a 2-car garage will put you over the average sold price per square foot .

But if most of the homes in your neighborhood have 2-car garages, then adding the extra garage space may very well result in a quicker sale for you, which allows you to move on with your next plan.

I always tell my sellers - and buyers - that there is more than a monetary value to most real estate transactions.

If you add the garage now and you enjoy the added space and comfort it gives you from now until you sell, then it has "earned" its perceived value to you. Of course, if it also devours your savings or throws your ratios off because of added debt, then the expense has little value.

Please research the market value of your neighborhood, determine your motivation, and come up with a long term plan that will offer you value in a number of positive ways.

Hopes this helps.

Dee Nofziger
Realtor
Web Reference: http://www.ask-dede.com
1 vote Thank Flag Link Sun May 17, 2009
Hi Jennifer8,

You have a great question. A 2 car garage is definiately preferred to a 1 car garage for most buyers; however, you must look at the cost analysis and added resale value in order to determine if this is worth your time and effort. Sometimes it's just better to move rather than devote the extra money and time needed to accomplish this addition. I would be happy to speak with you about your individual needs anytime. Please do not hesitate to contact us for assistance. We would love to speak with you and help if we can. Where in Hilliard are you located? Please call us at 614-777-7653 or e-mail me at theresamolina@remax.net. Thanks. We look forward to hearing from you. Best wishes, Theresa Molina, CRS, ABR, ASP RE/MAX Achievers
1 vote Thank Flag Link Sun May 17, 2009
Jen8,2car is appealing for most couples,but if rest of house has good sqft,basemt,etc.. and updated somewhat,the % of return on adding 2nd car is ? let new buyers put on if they want,Focus on main house.

TJ
1 vote Thank Flag Link Sun May 17, 2009
Jennifer, without knowing which neighborhood you are in, it is difficult to give you a "value" of a 2 car garage. It depends on what is typical for the area. If your neighbors all have carports, then 1 car is great. If they have 1 and 2 car garages, then 2 car garage means alot more. On a general scale, buyers prefer a two car to a one car garage ~ need room for all the "stuff" garages store in addition to the car(s).
1 vote Thank Flag Link Sun May 17, 2009
Jennifer, I am certainly not an appraiser but I generally place the value of an attached garage (2 car) at $8-10k. More importantly it is also in my humble opinion that no matter what sub-division you are in, your property will appeal to more prospective home buyers when you go to sell it! I have one last statement, don't ever under estimate the intangible value that you will obtain from any improvement that you need/desire etc.
Web Reference: http://www.buynsellohio.com
0 votes Thank Flag Link Wed Jun 23, 2010
It's critical, Jennifer, to identify the cost of the improvement and the potential increase in market value, then weigh the two against each other. Take into consideration how long you expect to remain in the house, too, when thinking about your options. No matter what, I would encourage you NOT to go into debt for the improvement; if you cannot fund the project with cash; wait until you can or don't do it!
0 votes Thank Flag Link Fri Nov 20, 2009
Looks like a great opportunity to obtain a renovation loan
0 votes Thank Flag Link Thu May 21, 2009
Well Jennifer8,just keep me posted,glad to of helped you.

tjrltr@aol.com
0 votes Thank Flag Link Mon May 18, 2009
Thanks for all of your feedback. We currently live in Ridgewood. I'd say about 75-80% have 2 car garages, less than 5% have detached garages & or carports, and 15-20% have 1 car garages. We hope to stay in the house for a while, as we've just done some major renovations, but worried we may outgrow it if our family continues to expand.
0 votes Thank Flag Link Sun May 17, 2009
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