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Adding a shed/detached garage: property value question
Posted on 3/18/14 at 10:33 am
Posted on 3/18/14 at 10:33 am
So my house has a one car garage and a small (8'x8') storage room built into the back. I want to build a detached 30'x20' garage/shed next to my house to park my truck in as well as use as a shop for woodworking and general lawn maintenance storage stuff.
The shed will be on a slab with hardieboard siding and painted to match the house. (It will look just like the house baaically) I'll also be adding about 1000 more square feet of concrete driveway/breezeway.
I'm probably looking at a $15k-$17k investment. Is this something that will add value to my house or at least bring back close to the cost when I sell (in 10-12 years)?
The shed will be on a slab with hardieboard siding and painted to match the house. (It will look just like the house baaically) I'll also be adding about 1000 more square feet of concrete driveway/breezeway.
I'm probably looking at a $15k-$17k investment. Is this something that will add value to my house or at least bring back close to the cost when I sell (in 10-12 years)?
6
Posted on 3/18/14 at 10:39 am to poochie
Value is usually dictated according to square footage of living area multiplied by the comp dollar per square foot value of homes sold in your area...having said that, things like what you describe, or pools, added options that are nice but are not considered living area, are subjective and value can be given to them by a perspective buyer.
Posted on 3/18/14 at 11:28 am to Shepherd
Shepherd is right. Ask a realtor or appraiser in your area.
Posted on 3/18/14 at 11:40 am to poochie
quote:
I want to build a detached 30'x20' garage/shed
....
I'll also be adding about 1000 more square feet of concrete driveway/breezeway.
....
I'm probably looking at a $15k-$17k investment
This seems very optimistic unless you are doing all of the work yourself. May still be optimistic then.
quote:
Is this something that will add value to my house or at least bring back close to the cost when I sell (in 10-12 years)?
As Shepherd said, value is usually based off of the living area. However, an appraiser can adjust the value of a house for extras like garages, sheds, etc. You usually will not get this money back dollar for dollar. But this will all depend on your area. If you are planning on staying there 10-12 years, then I think the trade would be worth it for you... but that is just my personal opinion. I plan on staying in my house for another 10 years so I've added plenty of things that I'll never get my money back on (i.e. landscaping, wiring, etc)
Posted on 3/18/14 at 12:55 pm to poochie
you will get about half of you investment in value. it will depend on comps in your area with detached work shops similar in size. dont build it for added value to the house as more to added value to your enjoyment.
Posted on 3/18/14 at 12:57 pm to ashy larry
I plan on doing everything except finishing the concrete and blacking it in myself. I came up with a hard estimate on materials of right at $10k then added 20% for taxes and safety factor. I figured $.50/sf for concrete finishing which leaves $3k-$5k for labor to black it in.
Yes, the value of use will certainly come into play. Getting any money back when I sell will be lagniappe.
Yes, the value of use will certainly come into play. Getting any money back when I sell will be lagniappe.
Posted on 3/18/14 at 1:04 pm to poochie
A local realtor would be the best answer. Every market is different.
Make sure you are permitted if you plan on selling in the near future
Make sure you are permitted if you plan on selling in the near future
Posted on 3/18/14 at 1:12 pm to poochie
other than half baths, the return on most home improvement projects are pretty low.
if you are doing something, make sure you are doing it for YOU not resale. Do you want this big garage? Will you use it? Will you use it for $20k worth?
And who knows what the market will be like in 10 years.
if you are doing something, make sure you are doing it for YOU not resale. Do you want this big garage? Will you use it? Will you use it for $20k worth?
And who knows what the market will be like in 10 years.
Posted on 3/18/14 at 1:23 pm to Hawkeye95
quote:
other than half baths, the return on most home improvement projects are pretty low.
I agree that kitchen/bath remodels, while making the house more "sellable" do little to increase the bottom line value - and kitchens probably yield a little better (but can be money pits, as well).
However, almost anything that adds HSF (adding a bedroom, closing in the garage, etc.) - gives a fairly decent return on the investment - and further, can appreciate quite a bit over time, as well.
What you don't want to do is have the biggest, nicest house in a neighborhood, so keep that in mind with adding HSF - at a certain point, they're dragging you down. If you're not happy then, you're better off moving to a mid-pack home in a better neighborhood than remodeling/revising (at least extensively - or don't have any ideas that you're doing anything except treading water against time.)
Posted on 3/18/14 at 1:56 pm to Hawkeye95
quote:
if you are doing something, make sure you are doing it for YOU not resale. Do you want this big garage? Will you use it? Will you use it for $20k worth?
This.
Posted on 3/18/14 at 2:06 pm to Ace Midnight
I live off of a highway along a bayou so I'm not really in a neighborhood. I have houses within 1/2 mile of me that range from $500k to trailers. I'm kind of on an island, though, with regards to close neighbors (none within 1/2 mile south of me and the one north of me is across another road.
My garage is already full of my tools and stuff, the back porch is full of kids outside toys, etc, and my truck sleeps outside. All of that would go into the shed plus there would be a breezeway between my house and the shed that could be covered in the future. I have no doubt that I will have full use of the floorspace plus strong lumber in the rafters.
My garage is already full of my tools and stuff, the back porch is full of kids outside toys, etc, and my truck sleeps outside. All of that would go into the shed plus there would be a breezeway between my house and the shed that could be covered in the future. I have no doubt that I will have full use of the floorspace plus strong lumber in the rafters.
Posted on 3/18/14 at 2:34 pm to poochie
I used Xactimate software and wrote a quick estimate with Houma labor material and labor prices and came in at $15k, for a 20x30 with laminate shingles, 1' eves hardysiding, on a slab foundation with 16' overhead door and one metal door. This should be close in price you should expect to pay if you sub it out yourself. Add another 20% for overhead and profit for a contractor.
Posted on 3/18/14 at 2:38 pm to poochie
quote:
My garage is already full of my tools and stuff, the back porch is full of kids outside toys, etc, and my truck sleeps outside. All of that would go into the shed plus there would be a breezeway between my house and the shed that could be covered in the future. I have no doubt that I will have full use of the floorspace plus strong lumber in the rafters.
Yeah - sounds like you are dealing with other issues. I don't want to discourage you, but don't be surprised if 20'x30' isn't big enough, and that your garage fills back up within a year.
I always joke that Mrs. Midnight and I could get by in a 1200 square foot house, if we had a 100,000 square foot warehouse.
at my hoardingThis post was edited on 3/18/14 at 2:39 pm
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