I built my dream garage a few years ago and it was well over $100k, which shocks a lot of people for a 3 car garage with office loft but that’s what things cost these days. My wife’s friend is a real estate agent and she said that the new garage added about 40-50k to our market value and that you never really recover the full value of these add-on structures.
^ That’s exactly the kind of data I’m looking for. The problem that I’m going to have is that the vast majority of the demographic where I live can’t afford the more expensive houses in the area. The pool of potential buyers for a $500K+ house in this area is extremely slim. We’re talking small town Wisconsin.
I think we have a rough idea of what the new home structure would cost… but the big variable is finding the right piece of land and how many acres it ends up being is the big driving factor.
Less than 50% return seems like a horrible investment.