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Tim
Do you feel comfortable "estimating" remodeling costs or does the owner have estimated costs?
Would an investor buy this house and update it to resell in the market?
Add in the estimated profit an investor might want and compare that to what the market reflects in change in value for a remodel on an older house?
Call meif you want or e mail pirvately.
PJ
Paul James RAA
3906 Buena Vista Ave
Farmington, NM 87401
paul@...
phone 505-325-6651
fax 505-327-7168
for more information about me, see my web page: www.pjappraisals.com
for information about my Pocket Laser Targets go to:
http://appraisalnewsonline.typepad.com/appraisal_news_for_real_e/2007/06/pocket-laser-ta.html
http://www.pjappraisals.com/CustomPage
From: Total2000UsersGroup@yahoogroups.com [mailto:Total2000UsersGroup@yahoogroups.com] On Behalf Of Tim Ferguson
Sent: Friday, November 21, 2008 9:16 AM
To: Total2000UsersGroup
Subject: [WinTOTAL Group] Condition Adjustment
I have a unusual subject, even for my rural area and I am not sure, the way I usually handle this is correct.
I have a house that is 3000SF, 80 years old and is in poor to fair condition. The exterior is in average condition. It is the interior that is in poor to fair condition. Just picture an 80 year old house that nothing has never been done. Usually I handle this type in one of two ways. One is match pairs and that is usually almost impossible to do. The other is using the unit in place cost and whatever the cost, that is usually my adjustments. But with the case of my subject doing this is almost bring it down to a negative value in the sales comparison. The house is sound, just needs remodeling and updating.
I feel that there has to be another way to make an adjustment for condition, instead of just pulling it our of the air.
Oh yeah, this house belongs to another appraiser and I want to make sure I am covering everything.
Any suggestions
Tim Ferguson
Ferguson Appraisal Corp.
104 W. Main Street
Orange, VA 22960
540-661-3301 (P)
877-811-5265 (F)
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