Anybody appraised a "tiny" house?

[Vermonter]

Got my first request for one last week. Turned it down mainly because I'm on vacation and couldn't meet the turn time, but the owner called me and told me about it. 360 sqft with loft on 14 acres. Client called back and would like me to try, but think they'll balk when they hear my fee.

Anybody done one?

http://www.tumbleweedhouses.com/

Apparently, it's on piers instead of a trailer and hooked to well and septic but solar power. No comps that I could find even remotely similar. I always like the challenging ones, but this one could be a stumper.

 

[CANative]

Look up land sales for the last two or three years. You'll probably find a number of small acreage parcels with some sort of nominal improvements. Those are the comps.

 

[Mile High Trout]

If you're unable to rely on market value, you turn to the other value approaches.

Obviously, it's not an income property.

Leaving the cost approach as the choice appraisal solution.

Probably with a market value tie in, for a land appraisal.

And it's possible to have energy efficiency perks, but that's tough to argue as carrying with a higher substitutable value, because the next joe down the block can toss up the same tiny house, for probably the same tiny cost.

 

[Mike Kennedy]

it's on piers

resting on grade or installed into grade? - the ones I've seen were not permanently attached to the site - bolted to timber logs resting on grade.

 

[Doug Wegener]

sale approach: comps are the smallest one you can find.

then cost approach

 

[Mountain Man]

Over priced trailer homes. I can build on site or on a trailer base for much cheaper than through their "workshops". On 14 acres, sounds like a land appraisal with little, if any, contributory value for improvements. But in my area, even the cheap land is $8,000/AC.

 

[Elliott]

H&B Use? Ideal improvement on 14 acres probably isn't a 'tiny home.' I'd think the MV is probably very close to its land value.

 

[Lee Lansford]

What's the land worth?

Get that right and I suspect that you will be very close to the MV of the property as a whole.

 

[CindyR]

I haven't appraised one but here is an interesting article about the tiny house movement from a nearby community.

http://www.prescottaz.com/main.asp?Search=1&ArticleID=127134&SectionID=36&SubSectionID=1119&S=1

 

[The Bob]

Reminds me of these when we were in New Zealand...

http://en.wikipedia.org/wiki/Housetrucker

Btw, $60,000 for one of those TH??

Get a pop up camper, more room and way cheaper.