Common Adjustment For A Detached 2 Car Garage

[Tom D]

I would adjust $1,000 for a German Shepherd security system. The German Shepherd adjustment would only apply if one were willing to give the dog food an water.

you guys in the rural areas import German shepards to watch the goats & the perimeter. Not nice to give those folk dog food.

this thread is just too funny, and "new member" the giant garage is a common thread to find here.

and no, we are not hostile. where is my 45, and i don't mean can of beer.

 

[EddieB]

Point 1: You received several great responses (namely DeSaix) which gave you a homework assignment. Please research the market and bring back several model matches which exhibit the market reaction to a similar detached garage. Provide your derived adjustment and report back.

Point 2: You have been a Realtor for 23 yrs and don't already know this? You do know there isn't a published "List of Adjustments" regardless of the urban legend surrounding it.

 

[glenn walker]

That's a big detached garage and I cannot think of too many buyers ( especially ) men . They would jump all over the amenity . A place to hide from the wife and family , store 2 classic cars , hell I would pay a lot more than $6K especially if it was being financed into a new 30 year loan LOL

 

[NachoPerito]

I would see where they came up with the $6k adjustment. Unfortunately there is a huge percentage of the appraiser population that blindly adjusts $2k to $3k per vehicle and that could be the case here. in which case, they have no backup at all

 

[Deleted member 128537]

Ironically, I just did a construction loan on a home that will have a 2 car attached garage and a 2 car detached garage. My finding. No homes sold like that have more than a 3 car garage. Conclusion: a 4 car garage is probably an over improvement for this type of house. Unfortunately it's going to cost 37,000 to build the garage. Ouch.

 

[residentialguy]

Many times the appraiser adds other things into the adjustment (albeit incorrectly), such as setbacks and the ability to have a garage. Urban areas pay 50-150k for a garage. In reality, it's not the cost of the garage, but the ability to add the garage.

 

[Joe Flacco]

It's not even the ability to add a garage. It is the ability to park your car. Having alley access to the property and lot size large enough for a parking space.

 

[NachoPerito]

Fortunately there is information out there that may help in this scenario although it sounds like you already have a two-car attached garage so this might not apply 100%, but in new construction often they will construct the same model with a two-car garage versus a three-car garage, which makes it easy to isolate adding a 3rd car. In my market where the median home price is $325k +/- paired sale data supported an adjustment of $10,000 for the 3rd stall for an average quality home built in the last 10 years.

 

[George Hatch]

All real estate is local, so it really doesn't matter what any appraisers from out-of-town think might apply in their respective markets. .

On the face of it, a $6,000 adjustment for a 1200 sf structure of conventional construction in the $300k price range seems low. But (in general) it would likely depend somewhat on what the main house is like and how much of the value is attributable to the site itself. The additional 1200 sf structure would likely add more to the value of a 4000 sf home than a 1200 sf home. It would probably add more to the value of a newer home than an older home.

The extra structure wouldn't normally be valued in isolation and outside of the context of its contributory value to *this* home as demonstrated by the otherwise "most similar" properties cited in the sales comparison. In the markets in my region, if I put a $50,000 kitchen into a $200k property I'm probably not getting the entire cost back and I may not even get 25% of it back.

"Cost does not equal value" is almost universally considered a trusim in our business, and that goes double for atypical features.

 

[Eli]

"Cost does not equal value" is almost universally considered a trusim in our business, and that goes double for atypical features.

I'll play devil's advocate here. Tell Home Depot or Lowe's that cost does not equal value.
Depreciated cost is an indicator of value. A single sale does not equal value. That is why I say whatever recognized technique or method of appraisal practice that the appraiser utilized to indicate value would be my primary concern if I were the OP. They obviously used a quantitative technique. Qualitative techniques could have also been applied. I don't know.