How Much Does A 2 Car Garage Add.....

[Rich Hahn]

ha made you look

I did an inspection the other day where the homeowner is paying $65,000
to build a 2 car detached garage.
They had to dynamite a large rock outcropping the same size as the proposed garage will take up.

Of course this homeowner thought that cost=value.

I didnt have the heart to tell him the truth.... :lol:


Rich

 

[Don Clark]

B) Rich,

Happens all the time. A neighbor built a detached 2 car garage for a house just like mine that has 5 bedrooms, 2.5 baths, and a 1 car garage. So far, so good. Then he built a 4 car and boat garage 2 stories high. Finally sold after being on the market for over a year at 2/3rd's what it went on the market for. I did an appraisal for another neighbor, 3 bedroom, 2 bath ranch. Then he took the money and added a 4 car detached garage with a recreaction room and workshop in a 2 story attached building. He now wants over $100,000 for what I appraised it for the year before. He also wants to sell, and for me to appraise the house and all the new buildings. I turned him down. There is no market data to support such an increase. The 1 sals is not truly comparable, the first property I mentioned, and the value range is at least $100,000 bewlow what he thinks it is worth.

 

[Ross (CO)]

One must now ask.....if the garage is at least worth the cost of some new dynamite to blow it up. Short of that, I'd say maybe they spent $40K to $50K too much ! Why didn't the h/o just build the garage.....where the rock.....wasn't ? I know, you're now going to say that they wanted to put in a basement/bunker/secret party room below the parking level ! Are you sure you inspected the entire structure ? You'd better go back and check that out again. LOL

 

[Rich Hahn]

very steep terrain

I wouldv'e just moved to a house with a garage,
their house was nothing to write home about and the view was nothing special either.

Rich

 

[jay trotta]

yea, but it is their "Home" - and in thier eyes, worth every bit B)


garages here without explosive's 20-30K unfinished

add 10k for explosives

add another 10-20k to finish or more ifn yer goin "custom"



what the Market Will Bear -



h34r:

 

[Rich Hahn]

stats
900sf
ranch
.25 fin w/o basement
$200K+/-

est value $275w/da not yet finished garage(only rock removed and footers poured)

Rich

 

[Mike Garrett RAA]

As usual...."it depends" :dance:

 

[Big ole Boy]

Rich,

Livable space is the Lions share of value if your land value is modest in relation to

your improvements - at least in my market area - this is what the market indicates.

A typical garage adjustment around here is $5,000 for a two car garage. (finished).

Thats a house that sells from about $80,000 to $200,000.

So,

I'd say anywhere from 5% to 10% of the depreciated improvement value.

Add-ons over 10% are pretty difficult to support in my market area.

Blasting dynamite indicates poor site selection and any added cost for site prep indicates thre real value of the man's land - which is sounds like it is not very condusive for development.

THese factors are usually hidden costs with such terrain.

Thats why comparables of similar site/slope are so important.