No adjustment for Garage vs carport

[TPA_24]

I have an appraisal in a very rural area where the subject has a 2 bay main roof carport. The adjusted comps with 2 and 3 bay car garages are right in line with it if no adjustment is made, but I haven't come across this issue before. Paired sales seems to frail a support statement to use of why no adjustment makes sense, so I wanted to check with the nation. Thanks in advance.

 

[shrubberyvaluation]

I have an appraisal in a very rural area where the subject has a 2 bay main roof carport. The adjusted comps with 2 and 3 bay car garages are right in line with it if no adjustment is made, but I haven't come across this issue before. Paired sales seems to frail a support statement to use of why no adjustment makes sense, so I wanted to check with the nation. Thanks in advance.

I would doubt this. Is it this way going back in time? Are there other structures that could be used for storage? Many people use garages for indoor storage and there could be other buildings on the property that could serve this funtion.

 

[J Grant]

I have an appraisal in a very rural area where the subject has a 2 bay main roof carport. The adjusted comps with 2 and 3 bay car garages are right in line with it if no adjustment is made, but I haven't come across this issue before. Paired sales seems to frail a support statement to use of why no adjustment makes sense, so I wanted to check with the nation. Thanks in advance.

Since this was posted in the review section, does "I have an appraisal" mean you are reviewing it ?

Typically, buyers pay more for a garage than a carport and a garage costs more to build. But there can always be an exception. Do some comparisons beyond these 3 comps, what are houses selling for with garage vs no garage ? Are there comps with carports they did not use but should have been used?

I do see above where it is a very rural area, so in a very rural area, perhaps a garage is not important to buyers, especially if teh land is more acreage or other factors are in play, and if you see no measurable difference in price then perhaps the market is not really recognizing it.

 

[Tom D]

i am big city where garages can be functional useless for a car to fit in, and i have areas where a parking space is worth $40,000. i suppose if you have no data to support an adjustment, better to leave it alone, or maybe the depreciated cost of the exterior walls. i believe a functional garage, able to fit a suv easily should have more value that a carport. especially if you have a nice car and bad weather times. however, is the adjustment gonna make any real difference, in the range, compared to the value %? your asking because the comps adjusted prices are tight, as is. but, if you do that adjustment the range is probable still very close with 2 of the 3 comps being very tight, but lower than the carports comps. doesn't mean the appraised value would change, or might it be a little bit lower.

 

[CGinMN]

Don't pick bones the OA's adjustments, which you yourself cannot support!

 

[Joe Flacco]

In a sellers market, buyers don't have the luxury to be a picky with differences. It is not uncommon to see that a lot of differences do not matter to the market participants with the market as tight as it is. In a buyers market, when there is a lot of supply, those differences tend be more magnified and significant.

 

[CGinMN]

We can come up with rationales for why no adjustment is needed. We can also come up with rationales for why an adjustment IS needed. In the end, it is always the same answer: What does the market say? If you can't figure that out, to the extent that you are looking for some general peer consensus on the matter, then IMO the OAs workfile reference to a paired sale study is more credible than whatever we say.

 

[glenn walker]

This is more abound knowing Subjects particular market area and in mine car-ports are always worth less but in a review i would not make an-issue about it as no adjustment is often better than making one up . In my area its all about utility as people dont like to leave their expensive cars outside.

 

[Terrel L. Shields]

so I wanted to check with the nation.

i believe a functional garage, able to fit a suv easily should have more value that a carport. especially if you have a nice car and bad weather times.

True enough that the utility of a garage provides more protection from the elements but a rural area rarely needs the protection from vandals and theft common to a big city. Further, few people "junk up" their carport in the same way they clutter a garage up until nothing fits in it...ask me how I know. In reality, a carport often provides a great deal of protection and the carport you use certainly protects a car better than the auto you cannot get into the garage due to the boxes of 'stuff'.

I have seen some very large homes with a carport only, or even a carport and a garage. And there seemed locally at least a time where the carport was more common than a garage back in the 70s or so here. So to the original post. I have done pairing and was unable to determine a defensible adjustment and I simply stated that I lacked market evidence to support an adjustment between a garage and a carport in this market.

 

[shrubberyvaluation]

In a sellers market, buyers don't have the luxury to be a picky with differences. It is not uncommon to see that a lot of differences do not matter to the market participants with the market as tight as it is. In a buyers market, when there is a lot of supply, those differences tend be more magnified and significant.

I agree, a shortage compared to an oversupply can change how buyers react.