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Home appraisal question - posted in OT, better here, I think
Posted on 8/20/12 at 7:15 pm
Posted on 8/20/12 at 7:15 pm
I have a game room / pool room that is 500sqft. It is under the same roof as my regular living area but you have to walk through a carport to get to it. It is totally finished, granite, central A/C, and all the same trim as inside. The appraiser basically gave me nothing for it. He counted it as a storage room on his report.
Any appraisers out there? I was told it would at least count as half my normal living, so 250 added to our square feet.
Any appraisers out there? I was told it would at least count as half my normal living, so 250 added to our square feet.
1
Posted on 8/20/12 at 8:06 pm to ColdDuck
From my experience the appraiser is correct. Living area must be heated and accessible from the main house. Hell, they won't even count it if you have to go through a bedroom to get to an added room. Must have a hallway directly to it.
Posted on 8/20/12 at 8:18 pm to MikeBRLA
The main issue is that he just gave me the same credit as a 2 car garage... even though it is finished, heated/air and it is a step up meaning it is not an old sloped garage floor.
Posted on 8/20/12 at 8:27 pm to ColdDuck
I get that. But it can't be considered living area if it isn't accessible from the main house. Even if he did, an underwriter would "correct" his mistake.
Posted on 8/20/12 at 8:36 pm to MikeBRLA
Posted on 8/20/12 at 9:51 pm to MikeBRLA
That link is interesting. Seems like the ANSI standard is just a recommendation. Some areas would consider it GLA while others would not. Hard to say around here since it is pretty uncommon setup I have. It is not a full kitchen out there, but it does have a wet bar.
So when I want to sell my house one day, I will make a 20 foot long hallway from door to door and then I can increase my square feet by about 550. 550 x $130/sf is about $71K more.
So when I want to sell my house one day, I will make a 20 foot long hallway from door to door and then I can increase my square feet by about 550. 550 x $130/sf is about $71K more.
Posted on 8/21/12 at 9:48 am to ColdDuck
Rest easy dude,your house is only worth what someone will pay you for it.When it comes time to sell that room will stand out as a difference maker to prospective buyers. At that time you will get true worth out of it.
Posted on 8/21/12 at 10:10 am to redfish99
Yeah, you should get an adjustment but it should not be dollar for dollar. Most just state bonus room at x price. Crazy report I saw last year was where the home owner turned their grage into a game room (step down) and the appraiser give them a lump sum adjustment, even though they wanted dollar for dollar. He then had to make a negative adjustment because the neighborhood restrictions required the home owner to have a garage. Want to talk about someone getting angry.
Posted on 8/21/12 at 5:29 pm to DieSmilen
quote:
y wanted dollar for dollar. He then had to make a negative adjustment because the neighborhood restrictions required the home owner to have a garage. Want to talk about someone getting angry.
The appraiser was correct in doing this even without the neighborhood restrictions. The house didn't have what the comps all had... A garage.
Posted on 8/21/12 at 8:02 pm to MikeBRLA
Totally agree and the order from the lender had specific instructions to view the restrictions of the subjects neighborhood. Homeowners were pissed
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