How much will adding a garage increase the value of my home?

Asked by cymerax, Riverside, IA Mon May 26, 2014

I own a small ranch-style home (2br 1bth) valued at around $90k. I plan on finishing the basement, adding an additional bedroom, office, family room and bath, but for now I would like to add a 2-car garage (22'x24') with a loft for storage. I plan on doing most of the work myself (except for the pad and foundation), the total cost I estimate between $7k and $9k. Not sure if it matters but only about 20% of the homes in the immediate area have garages. Thanks in advance for any advice ;?)

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Patty Elliott, Agent, Washington, IA
Thu Sep 25, 2014
Yes you definitely need to add the garage. Most buyers will bypass your home when it comes time for resale if you do not have a garage. The fact that you can do the work yourself helps a lot! You should get all of the $9,000.00 back out of adding the garage. Good luck with the remodel!
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cymerax, Home Owner, Riverside, IA
Mon Jun 2, 2014
Nothing? Even a wild guess would be appreciated, lol. I read somewhere that there's a rule of thumb that banks (or whatever powers that be) won't increase a home's value by more than 10% for any addition or improvement, is this true? If so then that would mean that adding a garage won't add more than $9K to my home's value :?(
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