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2 family renovation

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Edward OConor

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Apr 27, 2006
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Certified Residential Appraiser
State
New York
I am doing a refi on a B2 in Maspeth. The owner renovated his first floor unit. The first floor contains a bath, kitchen, living room and a dining room. The owner PROUDLY put the bedroom (no bath) in the in the basement (with an OSE).

Should I note that the owner uses the bedroom in the basement and call it a 1 bedroom with obsolescence?

OR

Should I call the first floor a Studio with a finished basement and take obsolescence since the typical unit would have 1 bedroom?

What would you do?
 

Eli Weiss

Senior Member
Joined
Nov 28, 2005
Professional Status
Certified Residential Appraiser
State
New York
So the first floor has has a separate living room and dining room? I would rename one of them as a bedroom, no obsolescence here, since its his choice how to utilize the rooms, but I assume any owner will change the use of that room.

Does the dining and living rooms have windows?
 

Kevin Mc

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Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
So the first floor has has a separate living room and dining room? I would rename one of them as a bedroom, no obsolescence here, since its his choice how to utilize the rooms, but I assume any owner will change the use of that room.

Does the dining and living rooms have windows?

agreed. 1 man's dining room is another's bedroom. In the land of open floor railroad flats (not that Maspeth has many of them but Queens does) internal obsolescence is very hard to come by.
 

KenRossman

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Oct 20, 2004
Professional Status
Certified General Appraiser
State
Florida
Does the LR or DR have closable/lockable doors and/or closets?

Are closable/lockable doors and/or closets typical and expected for bedrooms in the local market?

I would describe what's there and ascribe a functional curable if the local market expects above grade closable/lockable doors and/or closets in bedrooms.

But then again maybe that's why I have no lender mortgage origination clients... :)
 

Edward OConor

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Member
Joined
Apr 27, 2006
Professional Status
Certified Residential Appraiser
State
New York
It would be easy enough if there were walls. the only walled room is the bath. The rest is an open floor plan. I estimate the cost to "create" a bedroom on the first floor to be 2000 to 3000.
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
It would be easy enough if there were walls. the only walled room is the bath. The rest is an open floor plan. I estimate the cost to "create" a bedroom on the first floor to be 2000 to 3000.

sounds good to me.
 

KenRossman

Senior Member
Joined
Oct 20, 2004
Professional Status
Certified General Appraiser
State
Florida
If an open studio floor plan is reasonably acceptable to a typical purchaser in that market then I would state so. If not I would describe the use and go the functional curable route with a cost to cure.
 
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