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#1
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Is there an adjustment if say for instance you're subject has an attached garage and the comps have detached garages?
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#2
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You have to look to your market for the answer to that. It may be different everywhere.
Look at the size of the garages also. A 20 X 20 "2-car" isn't very appealing. You can really only fit 2 small cars and maybe the garbage cans. |
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#3
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I would first find out what is typical for the neighborhood. Are attached garages the norm or detached? An attached garage might be typical and the subject has an older detached garage, depending on the area, an adjustment might be warranted. Find out what is typical and expected for the area.
Bob |
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#4
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Not in my market. Car storage is car storage. Adjustments are made by the # of cars. Might see a slight a adjustment for getting wet vs staying dry, but in most areas it's not enough to put on the grid.
You have to determine what your market suggests.
__________________
Chris |
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#5
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If they are the same size and function, I do not make an adjustment. Ask yourself, do you find one superior over the other if you were a buyer trying to make a decision.
If the detached garage is bigger, say, it is a 32 x 40 shop with parking for 2 cars plus a shop area, etc. I might adjust according to what the market is telling me. And keeping in mind that such a building might be out of place in an urban area, but very desirable in the country.
__________________
Being on Facebook is like sitting at the Cool Table in the mental ward cafeteria. |
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#6
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FYI: Chris summed it up pretty well in stating "you haave to determine what YOUR market suggests."
I couldn't have said it better, but I did want to add my "ditto". --Lee Lansford, IFA
__________________
Lee Lansford, IFA, ASA "My opinions and my opinions only!" |
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#7
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I want to add my ditto to Chris: A car storage is a car storage except when your market says otherwise.
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#8
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An appraiser in my market once found an adjustment of about $2K. Despite the higher cost of detached garages, he reasoned that the attached garages provide protection from the elements while a detached garage does not.
IMO, I might be willing to pay more for the detached garage with a finished room above as my office. This would give me some protection from the elements of wife and kids. ![]() |
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#9
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The opposite school of thought are the 'noids that fear a car fire. These types do not want an attached garage in case the car catches fire, it won't burn the entire house with it.
This market says a garage is a garage. Could be attached, detached, or in the form of a pole barn. Size is what matters.
__________________
I don't need no stinkin' signature line. |
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#10
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Quote:
However, I've had two folks from one of those toney neighborhoods call and ask if they could rent the extra spot in my real ENCLOSED garage before Hurricane Ivan hits in a few hours. HA! Where do they think the grill, the porch swing, and all those hibiscus plants from the front porch are right now! :rainfro: |
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