I live in North Sacramento. How much does a brand new garage add to property value? Would the cost of 58K increase the house value by 58K?

Asked by Vjd, Knoxville, TN Sun Jun 1, 2014

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Shelly Long, Agent, Sacramento, CA
Sun Jun 29, 2014
Hello,

No, it wouldn't support that, but more importantly I question a $58,000 estimate for a garage. That's either a very 'fancy' garage, a very expensive contractor or an inflated price. I can't imagine a 'typical' garage costing that. Perhaps you'd be best served by getting more bids?

Good luck,
Shelly Long
RE/MAX Gold RE
916-806-4663
0 votes
Annette Law…, Agent, Palm Harbor, FL
Mon Jun 2, 2014
Using the value schedules used by appraisers, you will be extremely disappointed with the value that garage adds. As I advise to all homeowners, the ROI is largely realized through the enjoyment of you and your family of the investment.

But there is another way to assess the value of a garage.
Here in FL, a car ages quickly when the UV from the afternoon sun starts burning everything to a crisp.

Ask your REALTOR to provide you three sets of data.
Selling price of homes like your that sold with a garage.
W/o a garage

Finally, the value of the home with a garage conversion. (this is the most revealing) What happened to the value when the garage was turned into a bedroom?

Watch your mailbox and call the next REALTOR who offer you a FREE CMA.
0 votes
PS: be sure to 'normalize' the added conditioned square feet.
Flag Mon Jun 2, 2014
Jason Walter, Agent, Sacramento, CA
Mon Jun 2, 2014
Unfortunately the increase in your home value would be far less than $58k (less than $20k). Garages are very expensive to build but it's not a good investment. However, I'm sure you would get a lot of enjoyment out of having a garage especially if you plan to live there many years.
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