Pros and Cons of Adding a Garage
I'm considering doing a flip of a 1960s house located near Denver. It is 2500 finished sf, and has 3b/2b, plus a mother-in-law suite. Expected (realistic) ARV is $600k. The house is great, with one exception - there is no garage. My business partner and I are debating the merits of adding a 1-car garage (that's all there is room for). It's Denver so winter weather is a consideration. All the homes in the neighborhood are custom homes and the vast majority do have garages. Storage isn't a big factor as there is a large shed and a large utility room in the house. So, my questions are:
How much smaller is my buyer pool if there is no garage?
What kind of return do I get on the cost of building the garage?
Approximately how much should I expect to spend on a new attached garage (built to a level commensurate for a $600K house)?
All opinions are helpful as I'm really on the fence here.
Most Popular Reply
$600k level??? You MUST have a garage. I'm selling at $350k and adding a garage and a 2 car at that. It's about $14k for a simple detached. Feel free to reach out for info on my garage guy. I'd expect an attached to be much more since you'll have to blend it into the existing home. I was quoted $40k by another company, so watch out!!!!!
If you pass on the deal, I'm interested in it and will pay a finders fee.