Interesting question. Best way to approach it may be to buy it as a 2 family using the equity you have in your unit. You can also use any rental income that you will be getting from the 2nd towards your ability to afford the mortgage. Depends on how long you've owned your unit and how much equity you have in it.
Alot would depend on anothers need & it's location and ability to fullfill that need. Why would a person need your spot X where it is when spot Y may be free? Unless parking is at a premium where the spot is located it would be tough to assign value. Just like how in Boston a few weeks back someone was willing to pay $300k for a parking spot in downtown Boston. There's alot that goes into the value that would need to be assessd. You should check with a local expert to get a more specific opinion of value.... more
Tony - It would all depend on the amount of square footage you are working with and types of finishing you have in mind. I have referenced a great article tht can be found at www.realtor.org/rmomag.NFS/pages/2007/CostvsValue?OpenDocument that may help answer this question. If you have trouble opening, email me and I can send you a PDF version of this. Good Luck!... more
First of all, i would ask other questions! Where is the home located, how many bedrooms, what will this do the my homes value, this question also should show what type of finished to use as well! Plus be careful this is may be a structual item as well! Pool table is quite heavy!... more