Tom4value
Senior Member
- Joined
- Dec 4, 2016
- Professional Status
- Certified Residential Appraiser
- State
- Massachusetts
Only Overimprovement has the right angle. Who cares what you call it?...at least right now. What we care about is what, if any, affect it has on market value and/or marketability.
If it is for a purchase, I would ask the broker if it caused market resistance from those looking at the property and ask if they have seen it before. If it was a problem for potential buyers, is there space for a sink? If so, make a functional adjustment based on cost to install one. Better yet, if the broker has seen one in a sale (doesn’t have to be a comp) use that sale to develop a market driven functional adjustment.
Then, call it a half bath but explain in detail what it is.
If it is for a purchase, I would ask the broker if it caused market resistance from those looking at the property and ask if they have seen it before. If it was a problem for potential buyers, is there space for a sink? If so, make a functional adjustment based on cost to install one. Better yet, if the broker has seen one in a sale (doesn’t have to be a comp) use that sale to develop a market driven functional adjustment.
Then, call it a half bath but explain in detail what it is.
