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      01-02-2020, 02:52 PM   #19
Joekerr
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Drives: 2017 Audi S6
Join Date: Jan 2008
Location: Toronto, ON

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Quote:
Originally Posted by smrtypants44 View Post
What's the return on this? Will the garage really add enough value to the house to make the construction worthwhile?
No, the ROI sucks in terms of numbers.

It is the intangible value that delivers - the value of pulling away without having to spend 5-10 minutes attempting to clean all the snow off the car and chip away at the ice before driving off. And it is a little safer from trees falling.

This is going to be our forever house unless we go bankrupt. Or the street changes for the worse. So we might as well build now and get the enjoyment out of it, rather than worrying about resale. On resale, it might add 60-80 cents on the dollar, depending on the value to the buyer. Since the house is already worth over a million, the $200K ish we spend on renos isn't going to break a buyer's decision I don't think. Especially in the time frame we expect to sell which won't be for probably 30+ years.
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