Multi-Family Extra Parking Question

[Steven Hayes]

Hi-

As a first time poster, I would first just like to give a huge thank you to the Biggerpockets community. I came across Biggerpockets a few months ago and as I begin to get into managing multi-family properties I can’t emphasize enough how helpful the content and user contribution to this site is.

My question is on a two family (5 bd) my parents own. A tree took down the garage recently after a big storm. Rather than put the insurance to a new garage we are planning on taking up the foundation and laying asphalt. At this point there’s an opportunity to increase the parking from 2 car wide 2 car deep to 3 car wide 3 car deep. This extension was quoted as costing an extra $1K. This would also mean cutting into about 5 ft. of the backyard, however it is already small to begin with. Where the house is located there is good street parking, however it is in Massachusetts where that parking become tough in the winter months.

My question to this community is do you think the extra parking in the driveway is worth the investment in terms of appealing to renters as well as overall value of the house should we sell?

Thanks again all for the great information provided on these forums!