Basement Garage. Worth It Or Not?

[TRESinc]

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

consider? yes they will. will it add the value you are looking for (being on par with a typical garage setup)? no chance.

 

[Mr Rex]

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

A garage with serious functional obsolescence.

 

[Terrel L. Shields]

Agreed but will an appraiser still consider it a garage

They should but if you build a driveway to rear, I doubt much of an obsolescence exists. I dislike "snout first" garages, rear or side entry preferred but that's just me.

 

[ket]

A garage with serious functional obsolescence.

That is ok. I just need the appraisal sheet to indicate the property has a garage. If it says that, I'm good.

 

[ket]

A garage with serious functional obsolescence.

That's ok. If the appraiser recognizes it as a garage, that's all I need.

 

[EddieB]

That is ok. I just need the appraisal sheet to indicate the property has a garage. If it says that, I'm good.

Looks like you are missing the point. Sort of the trees are obstructing your view of the forest. The appraiser will analyze your area (whatever it is called) for contributory value vs what the comparable properties have for a similar area. If you already have a garage door it could already be classified as a garage but due to its functional issues will not be similar to a garage without the those issues. Personally I label such areas as an unfinished basement

 

[Mark K]

That is ok. I just need the appraisal sheet to indicate the property has a garage. If it says that, I'm good.

I'm unsure of this line of thinking but if it gives you a warm fuzzy feeling, so be it.

Personally I would not call it a garage if you have to open a gate in a fence and drive downhill thru the grass into the back yard for access. Basement storage, sure. Garage, no.

Its like people that build a yard barn with an overhead door on it and expect it to be given the same value as a detached garage. I appraised another one where the owner parked his motorcycle in his living room every night. Sorry, not a garage.

 

[Ariba]

I am right under peek value for my neighborhood right now. Just trying to raise the value a little bit.

It won't add much if any! How does your property compare with other properties for upgrades/condition and GLA?

 

[ket]

It won't add much if any! How does your property compare with other properties for upgrades/condition and GLA?

It's in a 70's neighborhood. It's all brick ranch. It's fully updated and newly remodeled with a new finished basement. This portion of the basement is being used as storage right now. I have a old car stored in there right now. Just want the comps to match others in the neighborhood. There are many other basement garages in the neighborhood. Some basement garages in the neighborhood are front entrance, others are in the back. It's definitely not unusual for this type of garage in the neighborhood I live in.

 

[Mark K]

.... Some basement garages in the neighborhood are front entrance, others are in the back. It's definitely not unusual for this type of garage in the neighborhood I live in.

That helps to know.

But personally I would not call it a garage unless/until there is a driveway for car access. You're in Illinois. Most of the year the yard is too wet/frozen/snowy to drive across the lawn and down/back up a hill or fairly steep grade.

Put in a driveway and you'll have your garage.