Climate Controlled Garage - HELP Please

[Tim Hicks (Texas)]

It is what it is. Which is a garage. Two double garage doors are not found in GLA. I am sure they have epoxy floors. You rarely see that in GLA. It is car storage that is modestly climate controlled. You open a garage door you lose all the heat and the cooling. Open both and it loses it all quicker. It is an over improvement. People make improvements for themselves that doesn't necessarily improve market value, but does improve marketability. Just comment on it and consider it in your final reconciliation.

 

[TerryRohrer]

You are one of the few appraisers who can separate your own personal preference from what something is worth in an appraisal - (value in use vs market value)

So, you, The Bob, and which other appraiser are capable of being objective? You simply can't help but slander the entire population that doesn't include you (in your small, feeble mind) regardless of the subject.

 

[Zoe]

For a 400 sq ft garage that is insulated and finished out, you could probably do a mini split for like $3k after you paid the electrician and for the materials. It may run as high as $10k.

As long as your breaker box could handle the load, it would be cheaper. It could get ugly expensive if the electrical system can't handle the load. I can't really see over $15k if the existing electrical system can handle it.

This person can find out what the existing owner was willing to pay for it installed. Then depreciate it. Make adjustment on depreciated cost.

 

[Zoe]

You can buy a very adequate mini split for a garage for around $1,000 for a 400 sq ft finished garage. . Electricians and builders is where your money will go. Electricians and carpenters don't work cheap.

If the existing electric system won't handle it, the depreciated cost goes way up.

 

[Tim Hicks (Texas)]

If there were four Teslas in the garage Fernando would definitely give it value.

 

[Mark K]

If there were four Teslas in the garage Fernando would definitely give it value.

He'd probably get sexually aroused.

 

[J Grant]

depreciated cost is a recognized method of adjustment in sales comparison approach to value.

Yes but it has to be seen that the market is actually paying that , not a cost stand alone.

 

[Terrel L. Shields]

How would you consider this for the purposes of GLA?

Well...it is not GLA. It is garage. Get a cost book and find out what a per SF cost of AC and heat is. Then make a judgement about whether it provides 100% cost, 50% cost (or some percentage), or if it would contribute anything. If no other sales are possible well... whatever. Dartboard time.

I ran into a detached shop-garage that was fully insulated and had a commercial epoxy-texture floor sprayed on. The owner worked for the company. His place sold below market because they were losing her job. So, no meaningful extraction was possible.

If there were four Teslas in the garage Fernando would definitely give it value.

OK Ferd of Texas...you might give it more value if it had 4 pickup trucks, right?

 

[Dublin ohio]

this is definitely not typical

There's you answer

 

[Zoe]

Yes but it has to be seen that the market is actually paying that , not a cost stand alone.

That doesn't matter as long as depreciated cost is used for the adjustment.

You have made your adjustment based on depreciated cost to replace.

Your solid. Owner said it cost me $5,000. It is brand new. I make $5,000 adjustment in SC approach

It is my opinion of value. Many people would like the garage for other purposes than storing a car with heat and air.