• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Finished Garages

Status
Not open for further replies.

Rick Hernandez

Thread Starter
Freshman Member
Joined
Aug 29, 2004
Hello,

Just wondering what kind of a difference in value in reference to a comp without a finished garage would have? Two car garage, single story home, 1550 SF, made 1996. Worth finishing with drywall, texture (knockdown), and paint? Also, no side entry door from outside to in except for the sectional roll-up door. Would it be worth it before we sell?

Thanks,

Rick
 

GeorgiaBoy

Junior Member
Joined
Jul 23, 2003
Professional Status
Licensed Appraiser
State
Georgia
Somewhat of a drawback if you ask me. Some of the gain in GLA is always offset by the loss of the garage.
 

Rick Hernandez

Thread Starter
Freshman Member
Joined
Aug 29, 2004
Hmmm, interesting. So just installing drywall, texturing, and painting would constitute it as part of the GLA? But there would not be loss of the garage because there would be no changes in it's use, just the added thermal stability by insulating the walls, and a cleaner look.

Thanks,

Rick
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
terminology glitch Rich!

"A finished garage" in your case seems to mean 'made pretty with drywall and paint....

I think in most markets they do sell better jsut due to surface pretty, but unless you can do the finishing yourself (for less than labor costs equivalent to a case of beer for yoru buddies... the answer is probably won't make sufficent difference to cover the hard cost of materials and the case of beer!

Well in MY market anyway. :p

You woudl be well advised to ask several realtors (free) or pay a local appraiser for a consulting assignment!

IS a garage in this area worth enough more to get me my money back... is one part, the other question you might ask of all your resources is 'does a hosue with finish sell quicker?'
 

Joker

Elite Member
Joined
May 28, 2002
Professional Status
Certified General Appraiser
State
Ohio
Rick, are you suggesting finishing the garage as living space or simply putting drywall on the interior walls and keeping the utility as a garage?

This is a geographical competency thing. In my area, however, finishing interior garage walls with drywall would not contribute enough value to justify the cost. Hopefully someone from your area will respond.
 

Rick Hernandez

Thread Starter
Freshman Member
Joined
Aug 29, 2004
My apologies for the confusion, sorry.

What I meant in my post was that I intended to install drywall, texture, and paint. Not that the garage would be sealed off as living area. Simply improve the look and provide better thermal insulation. Also maybe install a side door to the walkway along the side of the house. The latter though would involve cutting the side of the garage wall in order to accommodate the new door (pre-fab door w/frame).

I have already installed cat-6 network wiring to every room of the house within the walls with rj-45 cat-5e jacks. In the advent of wireless networking I don't know if this is considered a contribution or not, but the side door I believe is necessary.

A friend (who is a framer by trade) and myself would perform all of the labor. Materials are cheap. $100 for the door assembly, $220 for the drywall, $45 for the all purpose joint compound and joint tape, plus whatever paint is needed.

Thanks
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Most garages here are finished and those that aren't have sheetrock tape and bedding. I don't see where it would add any value either way. It still has the same utility and probably falls under the "personal preference" type item that adds no value. Here, you can tell the lower grade home by the lack of texture and paint in the garage.
 

Lee in L.A.

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
I was thinking very doubtful it would pay off, but if you can do it for $500, well maybe. Don't know if it's worthwhile when you add in your times value though. :shrug:
 

Rick Hernandez

Thread Starter
Freshman Member
Joined
Aug 29, 2004
Cool, Thanks guys.

I think given that, I'll just leave it alone. The time and sweat
is the big factor here, but for negligible return, forget it.

Thanks,

Rick
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Rick:

Again: I'd encourage you to consult someone in your geographic area...

Gee talk to a Realtor... it's FREE!

Return on investment in YOUR area even countign sweat equity may well pay off in sufficient quanitity to be well worth yoru toruble - or not!!!

In MY area of the midwest I'd say go watch a game or crack a beer over good steaks with friends, the payoff would be higher...

But in some areas what you propose woud in fact pay back manyfold!
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks