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Ask Adam: What’s the Value of a Garage?

By WTOP Staff

Ask Adam header

This regularly-scheduled sponsored Q&A column is written by Adam Gallegos of Arlington-based real estate firm Arbour Realty, voted one of Arlington Magazine’s Best Realtors of 2013 & 2014. Please submit your questions via email.

Q. We’re considering building a new house on our existing lot in Arlington. We are trying to decide whether or not to include a garage in our plans. We live about half a mile from a Metro stop, and our current home lacks a garage (though we do have off-street parking). We have never really worried about the lack of a garage for ourselves, but we don’t want to hurt the resale value of the home. Because our lot is small, building a garage will come at the cost of some of the interior space of the home. We are trying to determine whether or not the garage is worth sacrificing living space, or whether a larger living area without a garage will have better resale value.

A. When it comes to buying newer homes, a garage is often on the “must-have” list for Arlington home buyers. There are people like yourselves who could live without one, but the pool of potential buyers is going to be much smaller if you forgo a garage with your home.

I don’t think it matters terribly if the garage is attached or detached. Some people prefer one or the other, but most don’t care. You’ll find that homes with a detached garage gain an incentive “bonus” when calculating maximum lot coverage in Arlington County.

If you do go with a detached garage, I recommend looking into creating usable space above the garage. I’ve seen people use this space as a home office, workshop, clubhouse, hobby room or even just for storage. It creates a lot of possibilities that are certain to add value to your home.

I looked at the statistics for Arlington fee simple homes that were built in 2013:

  • 7 homes did not have a garage
  • 13 homes had a 1-car garage
  • 62 homes had a 2-car garage

This means that 91 percent of homes built in Arlington last year had a garage.

You may also want to assess what segment of the market you want to attract with your home when it is time to sell. It’s my casual observation that homebuyers looking to spend around $1.3 million and up, tend to expect a 2-car garage.

Your home is located near the Metro and includes off-street parking so you may benefit from some market leniency, but I think the safe bet is to include a garage in your plans.

The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of ARLnow.com.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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