Posted by Troy M on January 21, 2001 at 09:30:11:
Apraisser will likely not count the extra bathroom since it’s in a garage and unfinished, hence, the property must apraisse for your selling price as if the x-bath doesn’t even exist. If that’s not a problem, you’re fine.
Troy M
What value does xtra garage add to ARV? - Posted by Gene S Hou Tx
Posted by Gene S Hou Tx on January 20, 2001 at 10:40:02:
Hello Everyone:
I contracted a rehab last night that was built in 1978. It is a 4-2-2 attached double car garage. It reasonably comps out ARV at $89,900 by it self. However, about 2 years ago the owner built a “to die for” 28 X 64 free standing detached combination carport/garage/bathroom. It was tastefully done with materials equal to or better than the house. It was well placed for usage on a oversize lot. The owner said it cost him $25000 to build! Here is my dilemma. What percent of the 25K do I add to adjust my ARV for this super fine garage? 25%? 35%? 50%? I’m thinking 10K so that my price point won’t exceed that psycological invisable wall at 100K. Say… 99,900. Also, I’m concerned I might have too many garage spaces for this neighborhood. I’ll have six!! The house is approx 1690sf. Should I consider converting the attached fully sheetrocked garage into additional living area? One last thing. The bathroom area in the detached garage is not finished .It has only rough plumbing and electical. Would this cause a problem for my retail buyer’s lender at time of appraisal? As always, thanks for the input gang!!!
Gene
Will lender balk at small unfinished bathroom??? - Posted by Gene S Hou Tx
Posted by Gene S Hou Tx on January 20, 2001 at 21:16:21:
Thanks everyone for your input! Do you think I’ll run in to problems with my retail buyer’s lender because the bathroom out in the extra garage is not completed or will the buyer be able to get the loan if left “as is”??? Thanks again!
Re: This is a GURU house. - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on January 20, 2001 at 17:15:59:
It’s a keeper. It’s a natural. Just finish up the garage and bath, then you can have workshops and siminars right there. Try $99 all day Saturday 9 A.M. to 4 P.M. Break for lunch at noon and have the grill fired up (you could sell hot dogs for a buck and make more money).
This might also be useful for an investment club meeting facility (probably a lot cheaper than Mariott).
Go for it.
Re: What value does xtra garage add to ARV? - Posted by Jim IL
Posted by Jim IL on January 20, 2001 at 17:08:41:
Gene,
I’d advertise the home now with the numbers you have in mind, they sound about right to me.
See what kind of leads on buyers you get from the initial advertising.
If you do not get a decent response or an offer right away, check the building codes, and make some changes if possible.
You can finish the bathroom in the garage for relatively little money.
Perhaps $1k - $1500 using some decent in expensive materials from Home Depot or somewhere like that.
Then, you could finish the attached garage and make it another bedroom or family room.
or both.
I had a home like this that I lived in for a while.
The attached one car garage was converted to a family room and a seperate un attached garage was built.
Covering the garage door will be the trick. You will need to make sure that it matches the rest of the outside of the house, and seals well.
Lots of things you can do, or you could always sell it to someone and let them decide what to do.
Good luck,
Jim IL
Re: What value does xtra garage add to ARV? - Posted by ScottE
Posted by ScottE on January 20, 2001 at 16:18:46:
Gene,
You’ll want to check with the local building code folks, but if you could finish out the garage part enough to make it a suitable garage/apartment WITH the carport (covered parking), you (or your ultimate buyer) could rent it out at a premium.
Keep us posted on what happens.
Scott
Re: What value does xtra garage add to ARV? - Posted by dewCO
Posted by dewCO on January 20, 2001 at 12:33:14:
Your guess sounds about right, maybe a tad higher, unless it is in an area where large garages are extremely coveted. Yes, it could be over built and therefore not all of it will have add value. An appraiser in your are could tell you best, here it’s usually about $2-3k for carport, $5-6 for garage. Better to be safe on the low side. I’d advertise this as buy and garage (nice house comes with it!). There are mechanic types who do covet garages.