We live in a 1500sq.ft. ranch. No basement, 3bdrms, 1.5 baths, liv. rm., eat in kitchen, dining room (currently used as a family room). We have a single car garage which we are talking about converting into another room. Three walls are already drywalled, we would be replacing the garage door with a 4th wall and a decorative entry door and window. Then, we will be building a shed in the backyard for storage. We only plan to be here 3 more years. Generally speaking, would this investment increase or decrease the value of our home?
2007-10-27 15:45:00 · 12 answers · asked by Jen M 4 in Business & Finance ➔ Renting & Real Estate
Your home is already at a competitive disadvantage by not having a basement. The lack of a garage will put it at a further disadvantage when you go to sell. In my ten + years of selling Real Estate, I have only seen one of these conversions that looked good from both the inside and the outside. These conversions tend to turn buyers off. Over the next 2 - 3 years, all indications point to lower home prices. This will only make your home less valuable and more difficult to sell. You will not get the money back that you spend on this project. Leave well enough alone, especially in this Real Estate market.
2007-10-27 20:43:42 · answer #1 · answered by john m 3 · 0⤊ 0⤋
Getting the permits will be tough. Without permits it is not legally a room and not included in square footage and you generally have to covert it back in order to change title. Hopefully you had inspections of your electrical and insulation when you drywalled the 3 walls.
Although the extra square footage adds value, loosing the garage makes it a very hard to sell and will decrease some of the value.
You are much better off just adding square footage and keeping the garage.
2007-10-27 20:40:14 · answer #2 · answered by Landlord 7 · 0⤊ 0⤋
I would avoid doing what you suggest. Even if you obtain the necessary permits and approvals, you will now have a four BR house with no garage. You do not say in which locale you live, but in most a garage is now considered a 'must have'.
In most markets, three BR's is considered adequate, given the generally smaller size families of the current era.
2007-10-28 01:52:37 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
The value will not change!
Your house is recorded as having a detached or attached garage. It's still a garage!
2007-10-27 16:24:40 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Seeing you wont be there long don't. It will decrease the value of the home. Most people want a garage.
2007-10-27 15:56:16 · answer #5 · answered by snowlady 5 · 0⤊ 0⤋
Jen,
location , location, location.
where u at determines answer.
ur neighbor hood may decrease value or not. with out proper permits u may not be able to sell. u probably will not increase ur value. u'll get use out of it more than value.
check with local realtor about areas sale prices in comparable homes.
2007-10-27 15:56:53 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You better check with the local municipality to see if zoning permits what you are doing and what you are planning.
I've seen occasions where the Seller was severely penalized for altering a property without a permit.
Who tells on you? Your neighbors AND when the building inspectors do drive-by inspections.
Better safe than sorry.
Thanks for asking your Q! I enjoyed taking the time to answer it!
VTY,
Ron Berue
Yes, that is my real last name!
2007-10-27 15:55:17 · answer #7 · answered by Ron Berue 6 · 0⤊ 0⤋
Garage conversions can go either way . . . generally the appraiser will assign a value not based on the traditional square footage method
2007-10-28 01:31:17 · answer #8 · answered by CHARITY G 7 · 0⤊ 0⤋
I wouldn't unless you only had 2 bedrooms. Garages are almost mandatory these days. Best of luck!
2007-10-27 15:49:59 · answer #9 · answered by sweetsum691 5 · 0⤊ 1⤋
I would think it would increase the value, however, check the property values of other homes in your area that have done similar remodeling.
2016-03-13 07:44:27 · answer #10 · answered by ? 4 · 0⤊ 0⤋