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Old 07-01-2007, 02:01 AM
 
4,921 posts, read 7,190,687 times
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How do you price a house based on SF when most of the surrounding houses do not have garages and the one you are pricing does have a garage? If the garage is not included in the SF estimate how is the value of the garage calulated in the price?
Thanks,
Don
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Old 07-01-2007, 07:03 AM
 
Location: Morehead City, NC
1,681 posts, read 5,717,013 times
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Ask a couple of appraisers in your area what value (or range of value) that is assigned to things such as single/double car garage, pools, fencing etc.
One of the best things I ever did was to get know a lot of folks in associated industries (Attorney's, lenders, etc) and to be able to call them with what ever question I may have. Set up a time when you can go out with a couple of appraisers while they "do their thing". You'll learn a tremendous amount of very useful info by doing so.
Bill
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Old 07-01-2007, 09:46 AM
 
Location: Virginia Beach, VA
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Excellent advice Bill.

Shelly
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Old 07-02-2007, 09:18 PM
 
Location: Tampa Bay Area
169 posts, read 1,034,790 times
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Donsabi,

Generally, if it's not in the heated and cooled sq.ft. it has a lower value than the heated and cooled sq.ft. areas. Bill is right, an appraiser can help you with an exact number but it's generally a fraction of the total home value.

More than the dollar value it will help you with days on the market as homes without garages tend to sit longer. But if you adjust the price up for the garage, you'll neutralize that effect. Just keep it in mind when you're running comps.
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