How much is this garage worth?

[mazeroth]

I've been searching for a very long time for our 2nd house and I think I've found it. A few acres with room to build a detached garage was a must, but this house already has one. Granted, I would have liked one a little bit bigger but it may have to do.

I'm trying to debate if the whole purchase is a good deal and was wondering what you guys think it would cost to build something like this new? It's 30x30. We're going to look at it on Sunday so I don't have any more information like if it's wired for 220v etc yet.

Thanks for any input!

 

[mkbug]

Where is it located?

 

[ard]

In Palo Alto, I'd say it adds 2.5M.

In Nebraska, less.

 

[Playwme]

Gotta be at least $50-$60k in build costs. Probably more if it's upspecced and fully insulated.

 

[matt_i]

With the OSB walls and open ceiling you should be free to add whatever wiring you want.

I would think about HVAC

You could always expand it with a lean-to but with an intersecting roofline.

 

[red61cj5]

Decent floor space, but 8 foot ceilings. The apartment/loft adds value if you have use for it. Of course, value depends on where its located, but I'd guess 50 to 70 depending on what's inside the walls, as far as build costs.

 

[larry_g]

I see a regular 24x30 garage there with a lean-to on it, a stairwell to subtract from the lower floor area and a upper room. For a workshop it's not a lot better than a regular garage. So a lot of the value to YOU is what do you plan to do with it.

That is a nice looking building and could cost $30k to $100K to have built. I looks like you still have to finish it and put in an access road.

lg
no neat sig line

 

[ducksface]

It's monetary value is
EXACTLY
what the real estate appraiser says it is worth if you are financing the property.
You cannot fight that, you cannot modify that, except with cash over and above.

(that's a very well styled building. Beautiful design.)

 

[slimcake]

Its to bad its finished in osb not sheet rock...

 

[ard]

It's monetary value is
EXACTLY
what the real estate appraiser says it is worth if you are financing the property.
You cannot fight that, you cannot modify that, except with cash over and above.

(that's a very well styled building. Beautiful design.)

And I though the EXACT value is what a willing buyer and willing seller agree to, in an open market.



I sold a home MANY years ago, realtors said it was worth 180 (told them to pound sand and did it myself), buyer said 249. Appraiser said 225. Since it actually sold at 249, Id say the value was....249.

 

[ducksface]

The exact value of the entire property is what is presented TO the buyer BY the bank doing the financing. Not a penny more.
More is made up with cash in full or added cash above and beyond the financable amount. .
Always. Ever. This is mere mortal financing. Other echelons have other rules.

If you're paying cash beyond the financial amount the value is up to you.

 

[LXCam]

Value aside. That's an easy structure to extend. If I were buying this I'd throw about 30ft on it with a open truss framing so I could have one or two lifts. The extension of the patio would be fully enclosed and for me would become the machining room or just storage.


Anyhow what's the story on the rest of the property. It sounds like you'll be running your business out of there which is something I did for a few years before I finally bought a building.w

 

[ard]

The exact value of the entire property is what is presented TO the buyer BY the bank doing the financing. Not a penny more.
More is made up with cash in full or added cash above and beyond the financable amount. .
Always. Ever. This is mere mortal financing. Other echelons have other rules.

If you're paying cash beyond the financial amount the value is up to you.

One of the things that most people learn pretty early in their online lives is that when you mis-speak, just own it. Dont double down when you are clearly wrong.

Most people.

 

[Git]

One of the things that most people learn pretty early in their online lives is that when you mis-speak, just own it. Dont double down when you are clearly wrong.

Most people.

I don't know -based on my experiences it seems like this is a pretty accurate statement. What am I supposed to be missing?

If you're financing, the appraisal (required by the lender who you are working with) is going to set the price. If the agreed upon selling price is higher than the appraiser's price - the buyer has to come up with the cash (or find another lender) or the seller would have to lower the price

 

[ard]

I don't know -based on my experiences it seems like this is a pretty accurate statement. What am I supposed to be missing?

If you're financing, the appraisal (required by the lender who you are working with) is going to set the price. If the agreed upon selling price is higher than the appraiser's price - the buyer has to come up with the cash (or find another lender) or the seller would have to lower the price

I feel like I am in a parallel universe...

Duck bought up financing and now we are in some nonsensical conversation about bank financing!!!

You and duck seem to be saying the 'appraised value' or in his words the "maximum finance-able amount" somehow IS the "Value"

The VALUE is what the property sells for. Period.

The bank only estimates an amount to cover their asses- that is NOT the value. When people put more cash into the deal, over and above the appraisal, it is because the VALUE was more than the appraisal. that simple

Here is the key: when appraisals are done, what do they use? "Comps"... what are comps? "Comparables". These are the SELLING PRICES that buyers and sellers have agreed to. Appraisers or banks have selling price details for all the homes in the area. SELLING PRICE.

They DO NOT use 'all the other appraisals that were done on these homes'- they use the actual sales amounts. Why? Becuase in economics, the VALUE is what a willing buyer and will seller agree to.

 

[rburke65]

Malibu, Calif. about $4.67 million. Detroit, Mich...$1,600.

 

[red61cj5]

Malibu, Calif. about $4.67 million. Detroit, Mich...$1,600.

best estimate yet. also freakin funny

 

[Fueler]

If it does not fit your future needs then it is worthless.

 

[rmsg0040]

8 foot ceiling, no thanks

 

[Kevin54]

It's worth what you want. To some, it may be worth $17.00....to others....it's worth a fortune.

 

[mazeroth]

Wow, things got a little off topic here!

We are looking for a 2500 to 3000 sq ft ranch, full basement, full brick house, which this one is, on a few acres. Bingo. Then, I saw in the listing it had this extra detached garage which isn't exactly what I wanted but figured I could make it work. I was just looking for an estimate as to what something like this would cost to build. Not that I'm going to use that number in the price we offer to buy the house for, but just as something to know. The house seems to be about $40k higher than we think it's worth (sans detached garage) and I wouldn't pay $40k to have this detached built as it's not exactly what I want. How much is it worth to me? If someone offered to build it for $20k, I'd jump. If someone told me $25k I'd say no thanks. So, I think we'll buy the house if we can get it for $20k less than their latest asking price.

It's about 30 minutes outside of Columbus, OH if anyone's curious.

Also, I'm pretty sure that's a 9-10 foot ceiling on the first floor. Look at the height of the entry door compared to the garage doors; the garage doors are a bunch taller. Then, there's 18-24 inches above the garage doors to the ceiling. And that looks like an 8 foot ladder.

Thanks again!

 

[Nighttrain]

Look at it per square feet cost. 900sf ground 900 sf upstairs ? $45/SF is $81,000. I would expect to pay $45/SF for that. Ask some builders what it runs per SF for slab and two story 1800sf. Nice trim etc

 

[Steevo]

If the house makes your wife happy, and that shop/garage building would make you happy, even for a while until you can extend the length (easy with this style of build), then it's a win/win.
As for what it would cost to build that kind of garage structure in most places, I think the materials cost is relatively stable, while the labor costs vary greatly, as do permitting, etc.
I could not put that building on my existing property in So-Eastern Idaho for less than $50k.
Amenities such as extra capacity at the breaker panel, and high-grade insulation behind that OSB and in the ceiling, as well as 2x6 walls, would all add to that cost.

As to what it adds to the value of the property, that is very subjective.
Some would see it as an extra out-building that they don't need, and some would see it as the man-cave they always wanted.

I have at least $55k invested in my detached garage, and I doubt that it adds more than $10k to the property value.

 

[Zeke]

Wow, things got a little off topic here!

We are looking for a 2500 to 3000 sq ft ranch, full basement, full brick house, which this one is, on a few acres. Bingo. Then, I saw in the listing it had this extra detached garage which isn't exactly what I wanted but figured I could make it work. I was just looking for an estimate as to what something like this would cost to build. Not that I'm going to use that number in the price we offer to buy the house for, but just as something to know. The house seems to be about $40k higher than we think it's worth (sans detached garage) and I wouldn't pay $40k to have this detached built as it's not exactly what I want. How much is it worth to me? If someone offered to build it for $20k, I'd jump. If someone told me $25k I'd say no thanks. So, I think we'll buy the house if we can get it for $20k less than their latest asking price.

It's about 30 minutes outside of Columbus, OH if anyone's curious.

Also, I'm pretty sure that's a 9-10 foot ceiling on the first floor. Look at the height of the entry door compared to the garage doors; the garage doors are a bunch taller. Then, there's 18-24 inches above the garage doors to the ceiling. And that looks like an 8 foot ladder.

Thanks again!

I could see that from the get go. Lot of boneheads around here that don't recognize a 5 section roll up door as being more than a 7 footer.

 

[ducksface]

It's worth what you want. To some, it may be worth $17.00....to others....it's worth a fortune.

Some of us were worried, but didn'twant to be a bother.
Glad you're here.

 

[NUTTSGT]

Well. 30 minutes north of Columbus would put you in Morrow County probably. Not a rich county by any means so it'll be worth less.

Closer to the Delaware area, it's value is probably double what Morrow County is. Marion County, I'd guess in the middle of those two but what out for the heroin addicts breaking into the place.

FWIW, it's a nice place and a decent place to start with if the price is inline.

 

[NUTTSGT]

I'd also guess the ceilings down are 9'6". Taking a look at the OSB, I count 7 lines@16" OC, that would be 112" / 12" = 9.3 plus a small gap top/bottom, leads me to a guess of 9'6".

 

[Richard Cranium]

it would cost more then 20k to build even if you did it your self. Just in material.

 

[mazeroth]

it would cost more then 20k to build even if you did it your self. Just in material.

Right, but it's not what I want, so it's not worth nearly as much to me.

 

[The Cobbler]

I am with the 9'6 ish crowd. the garage doors are 8' high .
as far as value, no clue but it is a nice looking building

 

[unslow1]

All that garage and no lift? Not even built to easily install one. I'd rather have a lot less garage and more stuff done to it. Each to their own but I'd want heat and air, lift, concrete drive and space for trailer, lots of electrical. Then water and toilet optional.

 

[PugetDude]

Some of us were worried, but didn'twant to be a bother.
Glad you're here.

+1 on this ducks.

I'd been wondering...

 

[Zeke]

Right, but it's not what I want, so it's not worth nearly as much to me.

Don't buy it then.

 

[mikeyr]

when I built my garage, I went crazy and built a nice one. I was told by more than one friend I was stupid because there was no way I would get my money back out of it. They are right of course, a nice garage add very little value to a property, because what some see as a nice garage others see as a teardown for a better view of the area or smaller *Yikes* garage and the rare one like all of us here, a bigger garage. I am told my $45$ added maybe $15k maybe even less to my property value.

And I absolutely don't care, I have enjoyed every minute that I have been there the last 10 years and hopefully a few more decades in it. If it suits you, its worth its weight in gold, if it does not, its worthless.

 

[sberry]

I agree what its worth in resale and what it cost to build are 2 different things. What its worth to the owner is something different also.

 

[rburke65]

Ok.... I'm guessing...$45,000.

 

[Showkey]

Loan or bank value has nothing to do with retail value or selling price in this current market. Especially in the current sellers market with offers coming in all cash or very high down payment with low loan amounts.

Banks valuation is based on what they can sell it for at auction ( wholesale) if you default.

The property in the original post with no home and residence on the site would also but this property in a different value class. Same class as when you go to insure this type of property.

 

[ard]

when I built my garage, I went crazy and built a nice one. I was told by more than one friend I was stupid because there was no way I would get my money back out of it. They are right of course, a nice garage add very little value to a property, because what some see as a nice garage others see as a teardown for a better view of the area or smaller *Yikes* garage and the rare one like all of us here, a bigger garage. I am told my $45$ added maybe $15k maybe even less to my property value.

And I absolutely don't care, I have enjoyed every minute that I have been there the last 10 years and hopefully a few more decades in it. If it suits you, its worth its weight in gold, if it does not, its worthless.

+1000


Also, to OP- it might not be your dream garage, but it might be a heck of a start on one. buy it at the right price, and ANY weatherproof space has SOME value!

 

[jclem40c]

Don't buy it! It's not what you want and you will never be happy with it and will regret it from day one. Your best bet is buy a house your wife is happy with on property that is big enough to build the garage YOU want the way you want.

 

[n20junkie]

Probably cost 40-50k to build.

Being that it's used, if I had to attach a value. 25k would be about what I would think.