• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Attic finished/Open loft stairs

Status
Not open for further replies.

Debra

Thread Starter
Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Hello!

This home has 2 rooms upstairs that are attic finished/open loft. My question is about the stairs. They remind me more of bunk bed stairs than "normal" stairs if that makes any sense. Would this be counted as obsolesence or replacement/repair costs or what? Thanks! :) :? :roll:
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
OK - questions!

#1,
Does the floorplan even reasonably permit a switch to a 'standard' staircase? or would such an insertion prohibit 'normal' ground level traffic flow? (blocked doors no place to put the couch, etc...)
8O

and
#2 What would the typical buyer in YOUR market think of this arrangement? :?
 

Debra

Thread Starter
Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Hello!

Well...I'm can't even imagine in my mind how "normal" stairs would go there and not be in the way in the middle of the dining room & living room. I've been going into homes for years and never seen one done like this before. I don't think that the home began with the attic finished/loft...so....am I looking at obsolesence-if so...how much?

Maybe a small spiral staircase could be put there...

I think that the only people who would ever live up there would be children. :) :?
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Have a few homes with lofts in my area. I do not include it in the GLA. I mark it as finished attic and use a different and lesser rate of a SF adjustment (kinda treated like a basement) with one or two other comparable sales featuring a loft. I think you are right, it is great for the kids. They think it is an indoor tree house :D but us old stogie parents aren't gonna sleep up there.
 

Debra

Thread Starter
Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Hello!

There are no others to compare it to. You're right and...most grown people couldn't climb those stairs either... :)

So...should I not even address the stairs issue? :?
 

larryhaskell

Senior Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Nevada
Debra:

We have lots of properties like this in the Lake Tahoe area. The rule of thumb here is if it difficult to impossible to get furniture to an area or access is not reasonable (i.e. ladder, spiral staircase) it is not living area. Sometimes it has less value than a basement due to the access.
 

David S. Roberson

Senior Member
Gold Supporting Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I did one last month with a loft accessed by a 16 inch wide staircase. Really! 16 inches! I adjusted for the cost to install a typical staircase.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Absolutely no comps? I would look at cost or cost to cure as an adjustment and explain, explain, on long addendum.

Want some comps? You may need a U.S. map for a sales map, but I got some sales. :lol:
 

Debra

Thread Starter
Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Well...

I meant no comparables with this type of upstairs. The subject actually has 4 good comparables in the same immediate neighborhood-just none close with upstairs like this or any in that county that I've ever seen. You have a point...there was almost no furniture up there and I don't know how they got what little they did up there... :?
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Debra:
You might just ask around of a few realtors:
Sometimes you get LUCKY!
and get a really old comp just to satisfy yourself, as to adjustment.

Otherwise don't agonize over this too much, I quite agree with the others that what you are describing sounds more like 'finished attic/storage space that kids can play in' or that you can 'put a cool pice of art in' for viewing from below! In my area this isn't worth much!
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks