Rental Property Investor · Hewitt, TX · Member since 2020 · 27 posts · 17 votes
Purchased first investment property and house has no garage. Weighing the risk/reward of paying for a carport. How much would a carport add to the value of an appraisal? Planning to BRRR.
Depends on where you are, but generally, no. Appraisers have guidelines, but I've found some have their own personal rules they follow and in the case of my personal residence they assigned $10K to a 2-car carport. Garages seem to garner about $20K, but to build a garage here would be minimum $25K. Totally different story if you're a GC or do the work yourself, but there's generally way better bang for your buck. That being said, the big advantage of carports and especially garages is the number of prospective buyers they bring to the table. Many people have that as one of their requirements in their purchase criterion, but that really only becomes relevant if you're planning on selling. For a standard BRRRR I vote no. If you have $25K to put to use, best to use it on kitchen/bathroom remodels, landscaping, fresh paint, hardwood or similar floors instead of carpet, etc.