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How much appraisal value is added with a detached 2 car garage with shop space?

We bought a foreclosure in 2007, and have done extensive work to it - we refinanced in 2009 and found that the house appraised for exactly what it had when we bought...we are now building a detached 2 car garage with shop space (which will still leave a substantial backyard) and are trying to figure out the added appraisal value of this construction.  The garage is for our use, so we're not really concerned about making our money back on it, especially since we're not planning on moving anytime soon.  However, we are curious if it will earn enough equity to jump over the 80/20 PMI split.
  • July 21 2010 - Brighton
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Answers (2)

Even though you bought the home at a peak market point, it was a forecloruse that needed work and it still didn't appreciate in price? Sounds strange to me. Depending on the amount of work it needed when you bought it, you should have been buying ~30% below market value. I'm not an expert in Michigan, but have prices come down 30% since 2007? It sounds like your appraisal may not have been the best possibly?

  • July 21 2010
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Sight unseen, my swag is usually $7000 per car space.  So, $14,000
for average size, quality, condition, and design.
  • July 21 2010
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