Some Realtors haven't figure this one out, and this post is meant to benefit both them and the public in general. It really isn't that complicated, yet I was in a meeting the other day where the guess at a value range of an additional vehicle stall ranged from $2,500 to $15,000 on the same house in the city. That's a problem.

I'm sure I'll get comments referring to something I missed or difference of opinion, but I'm not creating a book to address all aspects here. I'm addressing the situation in general because it will help.

When you have a home with a 2 car garage being compared to a home with a 3 car garage, the value doesn't just go up by 5 or 10 thousand for every additional car stall a garage has. If it did, a 10 car garage is going to be a set value when in fact it's a big plus in certain communities and overkill in others.

The easiest way to figure out the difference is to take 2 homes that are identical in every way except for the garage, and in the same area, verify that they sold close to the same time, and then look at the difference of what they sold for.

If that's not available, you need to find the values of each extra stall... once again, #3 is not the same as stall #2, and #4 is not the same as #3. This can be done by using sold comps from the another similar area nearby. The same concept is used, you need 2 homes that are very similar with different sized garages that sold within a few months of each other. If you have to go back further in time just remember to apply any appreciation or depreciation that has occurred. If the values of the neighborhood you are using are different than the subject property, you have to keep that in mind as well when you are figuring out the value of the subject property. Remember, you are only looking for the value of the additional garage stalls.