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Answers (5)
- Dan, "the_country_hick"
- Contributions:4699
24x24 sounds like a small garage. Have you checked out the cost of needed work yet? Adding a furnace, water, and legal electricity could be quite pricey.
One big thing to consider. Many people would like a garage especially in winter. But would many people looking to buy a house on 5 acres want a rental to manage and hear?
If you are looking at this thinking of living there forever and the numbers work go ahead. Be very aware of what the rental market in your area is really like before doing this. If on the other hand the apartment would be very close eliminating your privacy and most people would rather have a nice garage instead it may not be a good idea.
One big thing to consider. Many people would like a garage especially in winter. But would many people looking to buy a house on 5 acres want a rental to manage and hear?
If you are looking at this thinking of living there forever and the numbers work go ahead. Be very aware of what the rental market in your area is really like before doing this. If on the other hand the apartment would be very close eliminating your privacy and most people would rather have a nice garage instead it may not be a good idea.
- djdova
- Contributions:4
Sorry I should mention that I did speak with the town and they said I should be ok based on the amount of Road Frontage that I have. Also the building is already built. It's only about 10 years old. Once finished I want to rent the building out for about $500-$600 a month.
- wetdawgs
- Contributions:26854
It may add value, but it will not be considered part of the square house for square foot calculations.
Usually the value added to the total value of the property is considerably less than the cost of building it, so if your only goal to adding it is to add value to your property, then don't do it.
Please make sure your property is zoned to be able to have a guest cottage or MIL rental on the property - many areas aren't.
Usually the value added to the total value of the property is considerably less than the cost of building it, so if your only goal to adding it is to add value to your property, then don't do it.
Please make sure your property is zoned to be able to have a guest cottage or MIL rental on the property - many areas aren't.
- Dan, "the_country_hick"
- Contributions:4699
An out building is NOT living space. No way would I consider an old hay barn living room.
- John Herrigel, "John Herrigel"
- Contributions:114
Good day,
Adding an out building will defnitely add value.. It won't be a 1 for 1 value added, but it could add as much as 75% of your cost to build it or as little as 50% of the cost I would estimate.. thus if it cost 10,000 to build it, your home would be worth an additional 5,000 to 7,500.
Hope this helps and all the best,
John
Adding an out building will defnitely add value.. It won't be a 1 for 1 value added, but it could add as much as 75% of your cost to build it or as little as 50% of the cost I would estimate.. thus if it cost 10,000 to build it, your home would be worth an additional 5,000 to 7,500.
Hope this helps and all the best,
John
Will finishing a 24x24 out building on my property add value to my house.
There are similar houses that value $20k to $40k more than my house in this area, but I'm just not sure if this will count as added living space if its not part of the main building.
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