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T, Other/Just Looking in Chicago, IL

Garage Impact on Selling Price for a Home in Chicago (Beverly), llinois

Asked by T, Chicago, IL Wed Oct 1, 2008

We hope to sell a home in Chicago (Beverly), Illinois that has a 1-car garage in poor condition. Is it better to leave the garage in the poor condition or to demolish it? Will either one impact the list selling price of the home, when deciding to either leave the existing garage in the poor condition or the possibility of having no garage?

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3
T-

I just checked your Beverly area for some basic information. Personally, since this is CHICAGO, and particularly with winter approaching, unless the condition of the garage is useless or unless it could be dangerous, I'd probably leave it alone. Most buyers prefer their car "sheltered" if possible.

That being said, in looking at current activity in Beverly, there are 132 houses currently for sale in that area, of which 19 are under contract. At the moment, 85 of that 132 HAVE a garage and 11 of those have contracts on them. Oddly enough, there is a slightly higher percentage of houses WITHOUT garages, and that have contracts on them today. But that doesn't take into account what areas they are in, how much below asking price those houses sold for (or if their prices were already discounted because they did not have a garage, etc.)..

Condition of the garage (or whether it exists at all) is only one element of your asking price. Right now, asking price is in great part determined by how quickly you need to sell, whether you can AFFORD to sell in today's market, the overall condition of the home....and hugely important is HOW MUCH & WHAT TYPE OF COMPETITION you have. As I mentioned, there are currently 132 homes on the market in Beverly. According to the MLS, in the past 12 months, there have been 128 sales - in other words, Beverly currently has about 12 months worth of inventory...assuming no other listings come on the market. If you want your home to sell, it must be priced AGGRESSIVELY as compared to its competition, and must be in its best possible showing condition. Today it's the best houses at the best prices that are going under contract.

Best of luck in your decision....hope all goes well for you!
Web Reference: http://www.ehomesmart.com
0 votes Thank Flag Link Mon Nov 24, 2008
You should leave it alone unless it is a danger to you or someoen looking at the house. A one car garage usually adds from $10000 to $20000 to a price of a house, let the new buyer decide what they want to do, fix it or get rid of it. good luck with your sale.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Oct 30, 2008
I would personally leave it alone unless it is hazardous to prospective buyers. You may find someone really handy who can fix it. The biggest motivator for buyers today is price. We are in a buyers market and there is a large inventory. Your competition is going to be foreclosures. You can visit my website to see what your property is worth!
0 votes Thank Flag Link Thu Oct 30, 2008
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