Profile picture for msats

2 car garage value

How much value does a 2 car garage add to a house. I have 2 garage stall alll framed and insulated with all the header and everything. the previously owner used it for storage and out temp walls.
I cut the walls and have till now spend 1800$ on 2 insulated doors, permits and raising a door 4 inchs per code..I need to spend 1500$ appx to drywall after inspection to finish. so total 4k in vested. how much does this increase the value in Ma -02760 appx.
I have 500 sqft of basement which i am planning to finish next year.but will nto declare it was i do not want a higher tax.

reason : i am on a fha and if i could get the value to 360 i can get rid of PMI and currently zilliow is claiming my property at 320.
  • September 14 2009 - North Attleboro
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Answers (3)

Profile picture for bamkmartin
I would say minimal added value.  I would also say dont finish the basement and not claim for tax purposes if you plan on selling in the future.  Obviously, you do or you would not have asked about the value on the garage project.  Keep everything legit and if you cannot afford the added taxes, dont do the project.  These things always come back to bite you. 
  • September 18 2009
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Msats-
Your house was purchased under market value last year. Your garage is an integral garage, not attached. Having a garage will definitely increase the value of your home much more than the cost to finish. It will also increase your comfort come the winter months. Your home and yard are beautiful.
Location is good. I think finishing the garage will get you close to the 360, no pmi number. I have an associate who is a great NA appraiser. Call me let's talk offline. Patty
  • September 16 2009
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Profile picture for real estate mike
Your best resource will be an appraiser who can factor in all the info you just gave(except the $360k that you need) , get costs information, sales comps and prepare a formal appraisal for you. best of luck
  • September 15 2009
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