Which of these would add more value to a property?

Question

For all the appraisers out there... which would add more value to a property... a two car garage or a guest house/studio apartment. We are trying to figure out which would me more beneficial to add on. We currently have covered parking in a permanent carport. Which way should we go for the biggest bang for our buck resale wise?

Answer 1

Now that many baby boomers are aging they are opting for the smaller guest homes and then they buy a larger home for their family to reside in that way everyone still has their own space but this way children can still be sure that their now aging parents are being well cared for. once the parents pass on you can use the extra guest home for your guests, children, or as additional income to offset the expenses of the larger home. Using it as additional income to help pay the mortgage is also a new alternative and consequently the value of you home increases. Yes the garage at one time was of higher value to buyers but that is no longer true.

Answer 2

Well I'd opt for a separate studio/apartment.You already have a convenient car port.Why would you want to make two more.Plus a separate dwelling has more going for it than a two car garage.Also you can rent/lease the studio/apartment and therby defray the costs as well as adding value to the property Good luck

Answer 3

most people see a garage as a must have.....but a guest house would be a high end luxury rarely needed/wanted. The extra upkeep of the guest house might deter some buyers

Answer 4

From a real estate broker's view, double garage is a must. Everyone wants one but not everyone wants to be a landlord (or have their mother-in-law move in).

Answer 5

should be a no-brainer. just ask yourself which you would choose if you were househunting. if you chose the guest house/studio apt. then you chose wrong.