ROI for building a detached garage (buying a house, buying, depreciation)

[steve54]

Anyone any idea what return on investment is for building a detached garage in this area?

[Ed_RDNC]

You probably need to add some details to this before anyone could make any kind of useful guess/answer.

IE: is there any change to the market value and/or saleability of the property?

If so, how long you intend to live in the property after the work is done is pretty important variable.

Try Google: "home improvements helping resale values" and look at the various sites, and which projects have historically improved value, and which have improve not the value, but the saleability (which has a value to it, just harder to quantify).

Good Luck!

[dedratermi]

From an purely investment standpoint, my guess is that it will be a negative return for you. Very few home improvements have a positive ROI, especially today. Most people want an attached garage anyway.

[steve54]

Originally Posted by dedratermi

From an purely investment standpoint, my guess is that it will be a negative return for you. Very few home improvements have a positive ROI, especially today. Most people want an attached garage anyway.

WEll I have a double attached garage - I just wanted the extra space for workshop and mancave upstairs. I just don't want to convert 50K into 30k

I'm not sure how long we are going to live here ( wish I'd sold it $100 grand depreciation ago) maybe 5 years maybe 10

[RDUBiker]

I just added one. It was not cheap, but cheaper than it will ever be in the future or would have been in the past, so it was time. I don't expect to get a dime back out of it but we'll live here for 20-30 more years so the use I get and the enjoyment we all have in there will be where the money has gone. I'll also save a lot on auto repair by doing more myself (I installed a lift and have already saved myself an estimated $1K on maintenance for repair and labor) and getting some of my money back when friends who want to use the shop bring food or take me out for a meal to "pay me back" for using it (even though that isn't required!).

[frankpc]

Originally Posted by steve54

WEll I have a double attached garage - I just wanted the extra space for workshop and mancave upstairs. I just don't want to convert 50K into 30k

I'm not sure how long we are going to live here ( wish I'd sold it $100 grand depreciation ago) maybe 5 years maybe 10

I think you answered your question. Its not a smart financial investment but that's not really the point ... Or is it?

Frank

[boardjnky4]

If you're handy, you can probably do a lot of the building yourself and save a ton of money. Our realtor told us when we were buying a house, that it added ~10k to the value.

[caspian65]

From what I understand (having looked into doing this myself), if the workshop is detached from the main house, it's considered a "utility building" and doesn't add the same value per square foot as your normal garage. The flip-side is that if the workshop is somehow attached to the house, it will be added in like normal sf. Maybe one of the realtors here can confirm?

[PDD]

For what it's worth, in addition to a two car attached I had a detached two car garage workshop. With 100 amp electric, heat, lighting. and when we put our house on the market maybe one in ten even looked at the garage.
I did have one person absolutely love the garage but his wife did not like the house so that was a deal breaker.
It added absolutely no resale value to the property but it did cost me an extra $1,000 in Property taxes (NJ)

If you need the garage for you hobby I say go for it but don't expect any return on your investment.

I would equate an extra garage as about the same as adding a pool. Some want it most don't

[kelly237]

Originally Posted by caspian65

From what I understand (having looked into doing this myself), if the workshop is detached from the main house, it's considered a "utility building" and doesn't add the same value per square foot as your normal garage. The flip-side is that if the workshop is somehow attached to the house, it will be added in like normal sf. Maybe one of the realtors here can confirm?

I don't think unfinished & unheated spaces like attics & garages
add to the normal square feet ...They may be listed as unheated
space.