Posted on: 27th Jul, 2010 12:39 pm
I'd like to know what appraisal value certain improvements have on a property. I know what kitchens and bathrooms generally have the most value versus cost. What I'd like to know is the value difference between adding a basement full bathroom versus a 3rd floor full bathroom. Or what value is added by converting a very small 4th bedroom into a 2nd floor laundry room on the same floor as the other bedrooms. Or finishing an attic into a master suite versus finishing a basement. Can anyone, preferable appraisers, help me out with this?
Hi Joe,
An appraiser will be the best person to answer your queries. If you are planning to take out a mortgage on your property, you should contact a property appraiser and appraise the property. He'll be able to let you know about the value difference.
An appraiser will be the best person to answer your queries. If you are planning to take out a mortgage on your property, you should contact a property appraiser and appraise the property. He'll be able to let you know about the value difference.
Hey Joe,
Every market is different and so is every potential buyer. The best way to look at this is to put yourself in the buyers shoes. How would each of these scenarios affect your willingness pay a different price for the property? For example, would you pay more for a house with a basement bathroom? How much?
The job of the appraiser is to look in the market for evidence of these scenarios and try to extract the price difference and that forms the evidence for adjustments to the sale price. The difference in the value is not the same as the cost but the amount that the feature will contribute to the whole.
My advice would be to contact a local appraiser with local market knowledge. They can do the research and get back to you on your questions. Of course, dont assume it will be free.
Good luck. I hope this helps.
Every market is different and so is every potential buyer. The best way to look at this is to put yourself in the buyers shoes. How would each of these scenarios affect your willingness pay a different price for the property? For example, would you pay more for a house with a basement bathroom? How much?
The job of the appraiser is to look in the market for evidence of these scenarios and try to extract the price difference and that forms the evidence for adjustments to the sale price. The difference in the value is not the same as the cost but the amount that the feature will contribute to the whole.
My advice would be to contact a local appraiser with local market knowledge. They can do the research and get back to you on your questions. Of course, dont assume it will be free.
Good luck. I hope this helps.
