I agree with Melina on this one. When the buyers turn around to sell this home, they will be competing with other homes that are 3/2 with a garage. Is the home located in the Historic District? Even if a potential buyer doesn't plan to use the garage to park their car in, they still will want to use it for storage. The majority of my buyers through the years have made having a garage a priority on their list of what they want in a home. See if you can pull some comps for 3/2's with and without a garage. Also, check the days on market for those without the garage.
The only areas I think where it might not have as big of an impact is in the Historic areas, but most people like a garage for their stuff. Garage's definitely increase the value of homes.
As the VISA or is it Master Card commercial says - Priceless. You can put a price on building a garage on a home without a garage, but when you have two homes with identical features - the home with the garage will most likely always sell first.
How do you put a value on that? You will need to decide that one for yourself.
Hope that helps;
Re/Max Circle of Legends
Without a doubt they add value to the home but more than that you will seriously limit your buying pool when it comes to resale with or without added value. A perfect example is that a home by a freeway takes much longer to sale and for less monitary value due to the fact that most people do NOT want to live right next to a freeway. Similar circumstances for a garage, some people no matter how much they like a house will not buy it and sometimes will not even look at it without a garage.So IMHO, not only does it have dollar value it has basic esential value for most buyers.
I have many buyers that will not even look at a house with only a 2 car garage. They pass up some beautiful homes but the insist on a 3 car garage... it takes priority.
Chris Courtney here and happy to lend my opinion. I am a State Certified Residential Appraiser, 16 years...life long resident to Oregon too. Here is the quick summary:
1. Garages add value. You can ascertain at minimum cost new less some opinion of depreciation. New garages (either attached or detached) are typically built at $20 to $50 per square foot, depending on quality, finish, doors, etc.....you understand this I would imagine.
2. We live in a RAINY state...any form of covered or enclosed storage first adds appeal, which equates to value. If you consider having identical homes situated next to each other, both for sale, but only one having a garage or carport...you would very reasonably expect a higher price for more improvement...not to mention a quicker marketing time.
3. People like cars, have cars, and want to protect their vehicles. If a buyer can finance a $10,000_plus amenity in pricing to protect their vehicle...so will the next buyer. Meaning, resale is stronger and protected. Most double income families have two cars.
4. Location does not matter. Garages are added improvements that increase value and market appeal. If there is a garage conversion, you risk not obtaining permits to qualify it as true living area, and most people leave it at slab grade. I tell all my clients that converting a garage is a solid answer for adding additional bedroom, family room, etc....but to do it correctly (frame a floor so it is AT GRADE.....and spend that additional $5,000 or so to add a carport at minimum, garage at maximum.)
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