I feel the degree of remodeling requires an adjustment, but it's difficult since you can't be sure the of the degree of remodeling the comps. have had simpley by MLS sheets or a drive-by of the comps. in question. Any ideas on an USPAP compliant method of adjusting for remodeling?
I am not sure how you can or why you would adjust for remodeling. I would tend to find remodeled comparables. In the Cost App, you would have to address remodeling and all its built in functional obsolescences if you use Reproduction cost new. I would use replacement costs instead and avoid that issue.
Reread The Appraisal of Real Estate
. There are a lot of ways to make adjustments and if the board is attempting to 'whack' appraisers that don't rely entirely upon paired sales, then they need removed for the boards, gently, of course, as you would treat any person that is obviously mentally handicapped. I suspect however, that they are simply wanting to make sure you at least use some technique.
If you insist that "remodeling" is an appropriate adjustment, then determining the degree of remodeling would almost certainly require a very detailed inventory of the things done and additions made. AND, the only method I would be comfortable with would be to gather a lot of data in an area from remodel / non-remodel houses of the same quality and vintage and do regression analysis on it. A regression would likely identify such an adjustment should one exist.... again, I think I would try to adjust everything else and let that one "fall out" of the data.
"What does not kill you, makes you stronger, except bears. Bears will eat you"