Hi Everyone. Soon I’ll be moving the Outer Banks — again..... I wasn’t a summer job/college kid type, on the OBX just for the summer, I lived there year round. My appraising career began after I moved away to an area that is not full of weekly rentals nor tourist seasons, actually none, only your standard run of the mill long term rentals.
Since this area is a big tourist trap, I’m thinking about the rental aspect. Many SFR properties rent weekly. The tourist season is not year round, causing fluctuations in the weekly rental price between peak and slow season, even within the peak season. Also, many will try to do a “winter rental” lasting from a few weeks up to a few months — whatever they can get.
So, how do you appraisers in vacation rental/weekly rental areas handle this? How are you developing the rental forms accurately?
My other concern: most of these homes are on pilings and often people build out the lower area (not part of the original GLA) unpermitted to be rented. I’ve not completed the research yet, still need to sign up with MLS. I’ve dealt with this in my current location, but am curious if any OBXer appraiser out there that can tell me about how you typically handle these? Do you make a line adjustment? Have you found that your clients do or don’t accept this type of unpermitted area being considered for value specifically in the OBX area?
Anyone in the OBX. I’d very much appreciate your input and, if you’d allow me, to pick your brain. Will buy beer
Thanks in advance for your support and advice!
Since this area is a big tourist trap, I’m thinking about the rental aspect. Many SFR properties rent weekly. The tourist season is not year round, causing fluctuations in the weekly rental price between peak and slow season, even within the peak season. Also, many will try to do a “winter rental” lasting from a few weeks up to a few months — whatever they can get.
So, how do you appraisers in vacation rental/weekly rental areas handle this? How are you developing the rental forms accurately?
My other concern: most of these homes are on pilings and often people build out the lower area (not part of the original GLA) unpermitted to be rented. I’ve not completed the research yet, still need to sign up with MLS. I’ve dealt with this in my current location, but am curious if any OBXer appraiser out there that can tell me about how you typically handle these? Do you make a line adjustment? Have you found that your clients do or don’t accept this type of unpermitted area being considered for value specifically in the OBX area?
Anyone in the OBX. I’d very much appreciate your input and, if you’d allow me, to pick your brain. Will buy beer
Thanks in advance for your support and advice!
