Add a garage. . .or not?

[Donna Welschmeyer]

Can anyone share some thoughts on whether or not to add a detached garage (and if so, what size) to our newest flip project? This is a small home in an older neighborhood in the incredibly hot Denver metro area market. Most similar homes on this street have a carport, though some do have a single-car garage. Some of the homes appear to have converted attached single-car garages to living space. 

It seems that anything that hits the market here will sell--and fast! How does a detached garage impact appraised value? How important is a garage to buyers? Is the fact that ample room exists for the addition of a garage if the buyer chooses enough to make up for not having an existing garage at the time of purchase? 

Thanks for any feedback.

[Bill S.]

@Donna Welschmeyer it's pretty easy to figure out. Do a price analysis and see how much a garage adds to the sale price. Usually it's not the cost. The only exception is a house without one in a neighborhood with them. 

When I looked at this for a property the cost was about 2x the value added to the property.

Get it on the market and offer to add the cost of a garage to the sale price and build one for the buyer if they want. Be sure your garage price includes something for you. I doubt there will be any takers on the cost add.