All Forum Posts by: Laura A.

Thank you @Bill S. for the detailed response. I agree the price point is the deciding factor and the greatest risk is limiting my buyer pool. Lots to consider whether or not to move forward on this.

@Tony Wooldridge Funny thing, my agent says definitely add the garage; my contractor is saying the cost will exceed the return. They are each VERY good in their respective fields but neither one is very experienced in the other's field. And given the eclectic nature of the neighborhood, my research seems to support both approaches. *sigh* @Tony Mai You're probably right. If I move forward with this property and the budget allows I'll add the garage just to increase my buyer pool. Thank you both for your input. It helps to discuss and think out loud.

Thanks Chris.  I really like Redfin also and use it regularly for research and new listings.  Unfortunately, most of the homes in the vicinity of this property are custom built and they vary from 1960 fixer uppers to $1.8m new builds; and the vast majority have 2, 3 or 4 car garages.  This is what is making us think that a garage is not just a 'nice-to-have'.  But there aren't enough true comparables to determine the value of a garage.

I'll keep looking, but I'm hoping someone else in Denver has faced the same issue and I can learn from their experience.  :)

I'm considering doing a flip of a 1960s house located near Denver. It is 2500 finished sf, and has 3b/2b, plus a mother-in-law suite. Expected (realistic) ARV is $600k. The house is great, with one exception - there is no garage. My business partner and I are debating the merits of adding a 1-car garage (that's all there is room for). It's Denver so winter weather is a consideration. All the homes in the neighborhood are custom homes and the vast majority do have garages. Storage isn't a big factor as there is a large shed and a large utility room in the house. So, my questions are:

How much smaller is my buyer pool if there is no garage?

What kind of return do I get on the cost of building the garage?

Approximately how much should I expect to spend on a new attached garage (built to a level commensurate for a $600K house)? 

All opinions are helpful as I'm really on the fence here.