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Adjustment for outbuildings?

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jarraj1

Thread Starter
Freshman Member
Joined
Jan 25, 2008
Professional Status
Licensed Appraiser
State
Virginia
I am appraising a unique 2600 sq ft one bedroom home in a rural area. The subject also has a 2 br/ 1 bath guest house (no kitchen) with an attached one car garage, a 2 car detached garage with a workshop, a 4 stall barn with tack room, hay room and a bath, also a 4000 +/- sq foot indoor riding arena all located on 17 +/- acres. There are no similar properties around but I am having trouble determining a number to place on the adjustment for these extra buildings (one that can be supported). Any input would be appreciated. Thanks! :)
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
I am appraising a unique 2600 sq ft one bedroom home in a rural area. The subject also has a 2 br/ 1 bath guest house (no kitchen) with an attached one car garage, a 2 car detached garage with a workshop, a 4 stall barn with tack room, hay room and a bath, also a 4000 +/- sq foot indoor riding arena all located on 17 +/- acres. There are no similar properties around but I am having trouble determining a number to place on the adjustment for these extra buildings (one that can be supported). Any input would be appreciated. Thanks! :)

Some assignments are more difficult than others.

SOMEWHERE...at SOME point in TIME...there is market data that will indicate the contribution to MV of these "unique" attributes of the property.

Good luck. You have much research ahead of you. There are no short-cuts.
 

ghrousseau

Member
Joined
May 5, 2006
Professional Status
Licensed Appraiser
State
Virginia
2600 sq ft one bedroom home seems to bring up some functional issues as well. I know I'd be in over my head on that one. Might want to partner up with someone who has a good deal of experience on rural/farm/horse properties.:unsure:
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
2600 sq ft one bedroom home seems to bring up some functional issues as well. I know I'd be in over my head on that one. Might want to partner up with someone who has a good deal of experience on rural/farm/horse properties.:unsure:

Exactly. Which also brings to mind whether the poster should have accepted the order in the first place. :icon_idea: Unless able to "connect" with a Pro experienced in this type of property - in the local/regional market - recommend withdrawing from the assignment.:)
 
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