Ask the Broker Question:
I’d like to find out if it is worth building a large detached garage on my property in the xxxx Subdivision. The garage will match the house but will be larger than normal 24X30X12ft tall doors. Thank you
The Answer:
Greetings, and thank you for being our first to “Ask The Broker”! We appreciate it.
I felt the best way to answer your question was to conduct a fairly extensive market report of your specific neighborhood for the past 12 months.
It appears that there has been a high number of foreclosures this year in your subdivision. The market report also showed that the builder is currently reducing the sale price on their homes to clear out inventory. I do think the foreclosure market will clear itself up over the next 12-18 months, but there truly is no way to know for certain. After looking closely at the statistics, I don’t think I would recommend building a detached garage at this time.
My concerns are two fold….a potential buyer qualifying for the additional expense and also the appraisal not adding enough value, potentially. It could certainly help you with resale, but there is no way to guarantee that you would get your investment back in the near future. I wish I had better news for you.
Please let me know if I can be of further assistance. If you wish to see the market analysis I performed, I will be happy to share it with you.
Thanks again for “Asking The Broker”
Elizabeth
