Value - garage vs carport

Hi there,

Wanted to get some price opinions as we are in the market to buy and not sure how to price this.

Inner west Sydney, a unit with a lock up garage sold for $630,000 just recently. There is an identical unit in the complex soon to be for sale but it doesn't have a garage, it has a carport.

How much do you think is fair value? how much would you offer?

Many thanks!
 
Hi there,

Wanted to get some price opinions as we are in the market to buy and not sure how to price this.

Inner west Sydney, a unit with a lock up garage sold for $630,000 just recently. There is an identical unit in the complex soon to be for sale but it doesn't have a garage, it has a carport.

How much do you think is fair value? how much would you offer?

Many thanks!

Is the garage kind of part of the unit or separate (eg different level - no connecting door etc)?
 
How much do you think is fair value? how much would you offer?
Really rough rule of (my) thumb: I'd allow $20K off for the lack of a garage and add back $5K for the carport. So $630K-$15K = $615K.

BUT knowing the Inner West market, by the time this unit hits the market in Spring you may have to pay $630+K for it anyways :(
 
Depends on where in the inner west, too - it's a big area (and getting bigger as real estate agents keep stretching the boundary). A garage in Newtown would be worth more than a garage in Marrickville.
 
Depends on where in the inner west, too - it's a big area (and getting bigger as real estate agents keep stretching the boundary). A garage in Newtown would be worth more than a garage in Marrickville.

Yes, good point! From the price I was assuming a 2brm in Marrickville or Dulwich Hill or thereabouts.
 
How about for a house out in the suburbs.

How much difference $ wise does a garage have over a carport?
Reason for the question is because I'm looking at a particular site where there is a garage. In front of the garage you can park 2 cars (so 3 cars in tandem altogether).

So its either 1 garage + 2 not covered car spots + tiny unusable back yard (right now its 8m wide x 4m deep + 4m wide x 1.5m deep)
vs
No garage + 1 carport + 1 not covered spot + large usable backyard.
(12m wide x 4m deep)

Which one adds more value in this situation?
 
Inner west Sydney, a unit with a lock up garage sold for $630,000 just recently. There is an identical unit in the complex soon to be for sale but it doesn't have a garage, it has a carport.



Many thanks!

How recent is recently?

Also it could be there was only 1 person interested in the other property and you might have 3 other people interest (or vice versa).
 
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