Basement Garage. Worth It Or Not?

[ket]

My home was built in 1970. I's a all brick ranch with a walkout basement. The property is fenced in with a double gate that allows for car and truck access to the back through the grass. When built they had a garage in the basement. Due to current code the second owners had to board up the garage entry because they did not want to spend money finishing it to current code. I want to finish the space to correct garage (under dwelling) code in order to increase the value of the home. There's no garage for the home so I am thinking this will help.

Does anyone know if an appraiser will consider this an actual garage?

 

[BRCJR]

My home was built in 1970. I's a all brick ranch with a walkout basement. The property is fenced in with a double gate that allows for car and truck access to the back through the grass. When built they had a garage in the basement. Due to current code the second owners had to board up the garage entry because they did not want to spend money finishing it to current code. I want to finish the space to correct garage (under dwelling) code in order to increase the value of the home. There's no garage for the home so I am thinking this will help.

Does anyone know if an appraiser will consider this an actual garage?

Depending upon cost to become code compliant it may or may not add value.
It would be considered a drive under garage if code satisfactory. Driving through the "yard" to get there is not typical. Will there be a driveway installed?

 

[Mike Kennedy]

op I want to finish the space to correct garage (under dwelling) code in order to increase the value of the home.

Contact a Local Experienced Appraiser and arrange for a Highest and Best Use comparison:

A. finish garage as a basement garage or
B. Finish Basement with a Rec Room and Half Bath

eg determine which use returns the greater contributory value to the home

 

[Proactive]

In some markets, converting basement space to garage space may be a trade-off with no measurable change in value. Why not consider a detached garage or carport for covered parking?

Good luck!

 

[ket]

Depending upon cost to become code compliant it may or may not add value.
It would be considered a drive under garage if code satisfactory. Driving through the "yard" to get there is not typical. Will there be a driveway installed?

I am only adding this garage to match with comps in the area in order to get a better appraisal value. There will be no driveway to the door but the double gate allows you to get a car or truck to easily. Currently there is a 86" double door I put into the hole.

 

[ket]

In some markets, converting basement space to garage space may be a trade-off with no measurable change in value. Why not consider a detached garage or carport for covered parking?

Good luck!

I am only trying to spend $1000 or less. I can frame it, add drywall and coat the floor for around that price. A detached would cost thousands. I am right under peek value for my neighborhood right now. Just trying to raise the value a little bit.

 

[ket]

op I want to finish the space to correct garage (under dwelling) code in order to increase the value of the home.

Contact a Local Experienced Appraiser and arrange for a Highest and Best Use comparison:

A. finish garage as a basement garage or
B. Finish Basement with a Rec Room and Half Bath

eg determine which use returns the greater contributory value to the home

Agreed. The house is 75" long. Half of the basement is already finished with a family room, bar, bathroom and laundry room. The other half I am trying to finish as a garage to help inflate the value to local comps.

 

[Proactive]

I am only trying to spend $1000 or less. I can frame it, add drywall and coat the floor for around that price. A detached would cost thousands. I am right under peek value for my neighborhood right now. Just trying to raise the value a little bit.

What is your neighborhood value for a built-in garage? What is your neighborhood value for the same area of basement? Although you may gain some marketability in converting that area to garage, your net gain in value may be "0." If you don't want to hire a local appraiser to confirm, try contacting a few sales agents for advice.

Good luck!

 

[Mr Rex]

A basement garage that requires opening a gate and driving into the back yard would add a fraction of a garage with direct access. MHO.

 

[ket]

A basement garage that requires opening a gate and driving into the back yard would add a fraction of a garage with direct access. MHO.

Agreed but will an appraiser still consider it a garage when he/she appraises the home?