Joe asks: What is a typical value assigned per square foot to a heated, attached garage?
Appraiser’s try to find sold properties that are as close to the same as possible for comparison’s sake. Within a mile or two of each other, year built, style, square footage, etc… Then they start making adjustments. These adjustments very upon other determining factors like how much of that square footage is above ground, cathedral ceilings that go from first floor to second story ceiling, etc…
This is all so they can make good comparisons, you don’t want to compare an apple to an orange even though they are both a piece of fruit!
In different parts of Anchorage where the homes were built in the 50’s – 70’s many of them had no garage but did have a carport. Quite often the owners would enclose the carport and install a door. Sometimes they insulated and sheet rocked them, sometimes not. It’s a good idea to have you’re Realtor and home inspector investigate this if it’s an older home in a long standing established neighborhood.
In Anchorage I’ve been seeing about $8,000 per additional car bay when it’s an actual attached heated garage. NOTE: This is not the same as the difference between having a garage and having no garage, whether it’s 1, 2 or 3 bay.
If you would like my “Cheat Sheet” of standard appraisers adjustments which I have compiled using many appraisals from my successful sold listings, just email me at email@example.com and put Appraisers Cheat Sheet in the subject line, or call me at 907-223-8422.
Mark Mandigo is a licensed Real estate professional and a REALTOR® for the State Of Alaska