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does a converted garage and an added livable-space patio add to the estimated market price?

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June 12 2013 - San Diego
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A legally (permitted) garage conversion will add to living space...but...most buyers do want a garage for storage. It might be an issue with some of them particularly if there is not enough storage in the house.
Buyers love outdoor living space for entertaining, but it is not counted a "living space", the way an additional bedroom would be.
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June 28 2013
Whether or not it will add market value, depends on a couple of factors.  For example, if the conversion was done with the correct permits, that will make a difference.  In our area, if an enclosure was done without permits, an appraiser is likely to exclude that square footage from their evaluation.  In addition if the home is located in a community where most homes have a garage, it may decrease the desirability for buyers...who would rather have the garage space.
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June 18 2013
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What is "livable space patio"? Assuming it is a covered patio, with some form of enclosure, but not qualified as "living space".

"San Diego" covers a large area, and there are different "attitudes" in differing locales about availability of off-street parking, etc.
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June 12 2013
Order a free property profile with your escrow company, sometimes this can tell you if the added space is permited when you compare to actual sqft.  The home owner may know, also you can maybe check previous listings on the property. The best way is to ask the City or recorders office in your area , building permits will give you a good answer. An appraisal should also tell you this if theres a recent one on the home
Good luck
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June 12 2013
As you read, unless the changes were permitted, they can't be added to the square footage.  If they weren't permitted, and an appraiser sees code violations, the changes can actually hurt the value, because it will be hard for many buyers to get a loan. If they appear to be done to code, and the changes are common in your neighborhood, then that shouldn't be a problem. The main value add here is, and that's if the work appears to have been done to code, is that a buyer may choose your home over another because of the added spaces. The changes MAY make your home more desirable, therefore sell faster - but at market value.
Warm Regards,

Cory La Scala, REALTOR
Independence Realty
[contact information deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
Lic # 01443391

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June 12 2013
As others have said, if the conversions/additions were done with permits then the appraiser can add value and square footage for those. In some cases even if the work was done without permits there may be some value added to the home.
Some people prefer to have a garage or some sort of protected parking area. If the garage conversion was done without permits, the municipality may require that it be returned to its original use if they find out about it.
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June 12 2013
Good Morning Argheebe!

It depends on the location of your property, and current town and community rules and regs.  The most important issue is if the Square footage converted was inspected by a building inspector, and permitted.  If it was permitted when converted, then you should be able to count it as living space, and it will add value to your residence.  The best way to get a permitted conversion added to your home is to take the permits and inspectors sign off to the assessors.  They usually will simply add it to your square footage.  A note of warning however:  you will be taxed on that new square footage as well!  I hope this helps!

Monica Hammond
Century 21
[removed by Zillow Moderator]
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June 12 2013
Thanks for posting your question on Zillow.com!

That would be in the eye of the buyer.  Some may prefer to have a garage, if some have a lot of kids, they may prefer the extra room.  If it is empty nestors, they may see more value in a patio.

Answer: it depends.

Sorry, good luck!
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June 12 2013
There are some variables that will need to be answered about the conversion of the garage for a clear answer. Hiring a local reputable appraiser or talking with your top Sotheby's agent is probably your best move on an estimate of increased value.
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June 12 2013
 
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