$25,000 Adjustment for EV Charger

[ZZGAMAZZ]

Interesting reply.....and I agree on all counts. Question I have is.....how often do you actually adjust for solar panels? In some cases they're leased and some they are owned. I only make adjustments if they are owned outright.

Alebrewer spained various nuances in a similar, recent thread...

 

[shrubberyvaluation]

I saw something in an appraisal report yesterday that I have never seen before and that was a $25,000 adjustment made to 3 comparable sales because the subject proeprty (which has a $310,000 contract price) has an electric vehicle charger. From the appraisal photos it looks like a level 2 charger and the cost for install such a level 2 charger should be no more than $1500 ($3500 if a home's electrical panel also needs to be upgraded). Of course there was no explanation in the appraisal report of how the appraiser derived the amount of the adjustment. There was also a fourth "comparable" included in the report that also had an EV charger, but that supposed comp was useless since it literally had 3x the GLA of the subject property and was in superior, gated community.

Well that person wont get hit with a racial discrimination lawsuit!

 

[shrubberyvaluation]

As is typical, the devil is in the details. Those details include: overall popularity of evs in an area, type of charger, the overall charging infrastructure in the area. Why would anybody pay $17k more for something that would cost no more than $4000 to install. There are dc fast chargers available for residential use from about $10K or more plus installation. The typical home has a 200A service. You would need a 400A service with a dc charger

There would have to be other circumstances such as a shortage or a long installation time, and that would have to be pretty extreme for that much extra value.