- Ethan TimorParticipant@ethantimorJoin Date: 2016Post Count: 282
In the process of renovating a dual occupancy property and strata titling it. The property has a shared garage. All that is needed to turn it into 2 single lockup garages is a dividing wall.
The funny thing is the current tenants prefer to keep it as it is (easier access etc) but they do understand that we will probably do what will maximise the value of the units.
So my question is: by how much do you guys reckon a single lock up garage will increase the value of each unit (2 units in total) vs having a shared garage?
Am also wondering if there is a valuer here that could lend his expertise? A broad ball-park figure would be fine, of course 😊
EthanColin RiceParticipant@fmsJoin Date: 2011Post Count: 338Ethan TimorParticipant@ethantimorJoin Date: 2016Post Count: 282
Thats hard to say but me personally, I would rather my own garage than a shared one. I would be happy to pay an extra $20/week.
Thanks, Coiln! I was thinking the same (and was surprised to hear the existing tenants prefer to keep the shared garage going). Even only $10 p/w increase of rent at a 5% yield, that’s like a $10k added value to the unit which is pretty sweet as the wall building will cost under $2k all up 👍😎