Home Buying in 27410>Question Details

Stephanie, Both Buyer and Seller in Clemmons, NC

How much does having a garage added to an existing home increase the value?

Asked by Stephanie, Clemmons, NC Tue May 27, 2008

I am looking at an older home that currently has no garage - what percentage of the cost of building one (single and/or double) is recouped? Also, how close to the property line can you build in Greensboro, NC?

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The cost to build a garage can vary from state to state. In PA, I have seen the price to be a low of $15,000 to a high of $25,000 for a 2 car garage. However, as with most improvements to your home, the value of your property does not increase proportionately. You can expect to receive an appraised value of $5,000 to $10,000 for this addition. Property line requirements vary in every township and State and it is best to take a visit to your local municipality and chat with the Building and Zoning Department. They are always happy to assist and appreciate it when you take the time to find out! Good luck!
0 votes Thank Flag Link Thu Jun 5, 2008
You definately need a survey of the lot including the setback lines and utility servitudes. You also need to look at the covenants and restrictions to see if you are able to build and what the guidelines are for adding a garage. In our part of the country, North Louisiana, appraisers make an adjustment of $3,000 in value for a single garage vs no garage, and $6,000 in value for a double garage vs no garage. Do most of the homes in the neighborhood have a garage or carport? Adding a garage will add value to your home and probably help it sell a bit quicker, but most likely you will not recover the cost of the addition. If most of the homes in the area have no covered parking it might be more economical to build a carport. A double carport will add almost as much value as a single garage. Just a thought.
1 vote Thank Flag Link Tue May 27, 2008
The answer to this question depends on the neighborhood where you are buying. To determine the value I would search for any comparable homes near the property you are interested in. Then I would look for other homes that have a garage and determine an educated guess of value for the garage. If you have the only house with a garage it won't have the same value as a neighborhood where most homes have or added a garage. You won't recover the complete value of the garage if you sell soon. However if you don't sell for a number of years, you probably will. Hope this helps.

Barb Kelly, Century 21 Elliott Properties, 854-3070
0 votes Thank Flag Link Wed Jul 22, 2009
Hi Stephanie, It is likely you can put up a garage on the property and the builder you use should be the one to help you make that determination. If it is real close to a property line you may need to use the services of a surveyor to pinpoint the exact location in relation to the property line.

In regard to recouping the cost, you are likely not to get it all back, but there are ways to hedge your bet. Attached vs. detached would be slightly more desirable. And in either case, making sure it is aesthetically as close to the original const will help. And my pet peeve, if it is going to be a 2 car garage, make it 2 life size cars, not a Mini and a VW.

One last thought. If this is to be an attached garage, explore the possibility of adding a bonus room upstairs that could tie in to the existing HVAC. It costs much less to build up than to build out. And if you can get the square footage counted into the heated space, you will recover a larger percentage of your investment. But with any improvement/expansion, you should be careful not to invest to much that will move the subject out of line with the predominant make up of the neighborhood.

I know a few reputable builders if you need a assistance in choosing a contractor. Good Luck with whatever you decide!
0 votes Thank Flag Link Tue May 27, 2008
Stephanie,

You need a survey with the deed restrictions to determine if and where you're allowed to build on the lot. Do not take the recommendation of the seller, the listing agent, or even your agent, to answer the question. You don't want to find out that some restriction exists that eliminates the ability to add the garage, nor do you want to find out that the only buildable location is right on the front of the house sticking out like a bad nose job.

If you have resources that can build the garage with little to no labor costs, then you can probably make some money on the venture. But as Larry said, having it built by a contractor would likely not pay back the full investment, but you would get some utility out of it while you lived there.

One way to consider getting more value is to look into the additional cost to add livable square footage above the garage. Occassionally, this can actually lead to value that can be recouped during resale, sometimes in excess of 100%, depending on the location, existing square footage, typical square footage in the neighborhood, etc.

Good luck,

Jeffrey
0 votes Thank Flag Link Tue May 27, 2008
Steph,
A garage will add some value but, you will most likely not recoup your total investment. This is not heated living space so it is more value to someone that wants a home with a garage. As far as the zoning ordinances it depends on what you are zoned and the set backs required. For adding an additional structure such as a garage you can be pretty close to the line. I would just not get too close since you want to make sure you are not over that would be extremely expensive. My neighbor just built a garage and she is maybe two feet from the line and we are zoned RS-7. When you decide on a contractor they will let you know so they can pull the permits.
I guess to answer you first question yes it will add to the value but, not and equal amount. I prefer older homes myself and would not consider one without a garage so if some ways you can see that you expand you market of potential buyers if you add one.

Hope this helps if you have any other questions drop me a line.
0 votes Thank Flag Link Tue May 27, 2008
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