GARAGE, TO BE OR NOT TO BE - Posted by TH

Real Estate Investing
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Posted by Kristy-AZ on October 29, 2003 at 21:29:21:

Well, this question is certainly something you thought about when you bought the property, right???

It’s a tuff call, depending on how great of a deal you made when you bought it. You don’t say what area you are in, but here, a consideration would be to tear it down and add a carport to the house.

I think the best thing you could do is drive the area, see what other people have, Garages or carports, then run the comps and see what has been selling. Do the homes that have sold have detached garages or attached? Do they have carports? What are buyers looking for and if you decided to rebuild the garage would it add enough value to support your time and supplies?

You could also leave it alone and offer an allowance to the buyer to be able to do what they want with it. It all depends on your market.

Best of luck to you.
Kristy-AZ

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GARAGE, TO BE OR NOT TO BE - Posted by TH

Posted by TH on October 29, 2003 at 21:17:55:

That is the question!
OK, Here it is… We bought our first REO and the house is in good shape after much blood sweat and tears. The garage however, is not in great shape and located away from the house. Needs a new roof, also need to replace several rotten boards. The siding is terrible and painted with interior paint so it is peeling badly. It is masonite and everyone knows how great that stuff is after moisture gets in. It needs new wiring and a new 16 ft door.
1.Do we keep it and fix it where it stands?
2.Tear it down and sell without a garage.
3.Leave it alone.
4.Tear it down and build a new one next to the house. (ouch$$$)