Market Insights: The all important garage
How much is a garage worth?
Darn good question and one I hear often, especially from out-of-state buyers. People who already own property in Colorado, and especially within Summit County, know if you want to be comfortable during the +/- six months of the year we have snow, a garage is mandatory. A garage is in the same category as those MasterCard ads that indicate some things in life are beyond value; they are “priceless.”
You are expecting a better answer than that aren’t you? Plus, the editor won’t put up with a one-paragraph article. So the place to start is with the actual construction cost. I spoke with Chris Renner from Pinnacle Mountain Homes, who told me a stand-alone, two-car garage, with most of the bells and whistles (ie.,heat…), will cost $25,000 to $30,000.
Warning: If you are looking to buy a duplex or single family home in Summit County that does not already have a garage, you’d best be asking – why? There is usually a reason why properties of this type don’t have a garage. Most times it not feasible. My advice, in three words, don’t buy it. Here is what I am saying: Buyers want garages.
Now that this is clear, let’s move on to how important an attached garage is. Today I conducted a very technical survey. I asked 14 people who live in Summit County, “If you had a choice, which would you prefer – an attached or a detached garage?” Without pausing, 100 percent of my survey group responded, “Attached.” And this brings up the basic difference between condos and townhomes.
Every single buyer I have represented over the years who has bought a townhome loves the fact that the garage is attached. A great example of this is 519 Primrose Path (Chimney Ridge Townhomes), Breckenridge. This two-bedroom, three-bathroom property with 1,389 sq. ft. is worth a whole lot more than an equivalent condo where the owner has to schlep back and forth, plus up and down, an elevator to a garage.
How much more? Five to10 percent of the property value is a good ‘rule of thumb.’
Market insights for the week: If you can afford a property with an attached garage, buy it.
Daniel Webster Johnson is a broker associate at Resort Brokers Real Estate in Breckenridge. He can be reached at (970) 393-3300 and Daniel@YourMountainBroker.com.
Support Local Journalism
Support Local Journalism
As a Summit Daily News reader, you make our work possible.
Now more than ever, your financial support is critical to help us keep our communities informed about the evolving coronavirus pandemic and the impact it is having on our residents and businesses. Every contribution, no matter the size, will make a difference.
Your donation will be used exclusively to support quality, local journalism.
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User