Thursday, June 10, 2010

What is a garage really worth when you are selling a home in midtown Tulsa?

How much does the absence of a garage affect the value of your property when you're selling a home in midtown Tulsa?

Depending on the area of midtown, many of us have no garages or we have detached garages, a detached carriage house (used for living space) and often a porte-cochere (carport one can drive through).

My girlfriend who lives in Swan Lake sold a home last fall in the Patrick Henry district - darling home with a 3/4 acre lot - but no garage. This property should have sold in one week, yet every prospective Buyer wanted to see surveys and get estimates to add a garage.

Another home Seller is preparing his mother's home for sale in an area of midtown perfect for 1st-time home buyers. Although the converted garage is probably the best insulated portion of the house, I told my Seller that he probably ought to convert it back to a garage before we put the house on the market.

I currently have a midtown home for sale where the garage was converted to living quarters that were handicap accessible. It's a nice and spacious 3-bedroom home and the converted living space could be a 4th bedroom or den. We are advertising in the public remarks that the Seller will convert the space back to a functional garage if the Buyer chooses. Few inquiries, thus far - Buyers seem to want the garage already there.

So, what's the big attraction of a garage if there is a shed or some other location to store your lawnmower and yard tools? Is it that everyone cares that much about hail damage on their automobiles? Few of our garages in midtown Tulsa are attached to the primary residence, so I can't see safety being the issue.

What say you? What is a garage really worth when you are selling a home in your neighborhood? My guess is that garage conversions are rarely a good idea for re-sale, regardless of the area of town you're in. Think about this before you convert your garage into extra living space!

Lori is a residential Realtor serving the greater Tulsa area, and specializing in midtown Tulsa real estate. Please visit Lori’s web site, or call 918-852-5036.

1 comment:

Lynn Cearley Clay Eager said...

Hi Lori, Great Idea.....agree with u/ most times not good. Hey, where have u been. Have that one dish w/spinach tucked away to try at some point.


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