J Grant
Elite Member
- Joined
- Dec 9, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Florida
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It's a loss when appraisers never sold RE...I worked as a RE agent sales for 5 years prior to becoming an appraiser, and it helps you "see" properties holistically ( the way buyers do ).If an interior is Q 3, but the exterior is a Q4, then would you say the interior was upgraded, but the house is still a C 4? Because it's right there in the UAD verbiage, a C 4 is stock quality design...therefore i'ts a C 4 with a nice upgrades ( vs a Q 4 without upgrades ) Having interior upgrades did not make the ceilings higher or give it exterior detail or above standard design etc...
Buyers , like UAD ratings, have cut off points of what they want and expect ( and thus can/ will pay for ) in a house.. And a buyer who can only afford C4, of course appreciates when it;s upgraded but is probably priced out of the C 3 market, and a C 3 buyer has certain standards they expect in a home and won't "downgrade" to a C4, even if the C 4 is nicely upgraded. There are exceptions of course but in general buyers fall into patterns and categories and the C and Q ratings fit those categories fairly well imo. Of course on the SC approach it's about other properties relative to subject, equivalent to or superior to or inferior too and UAD does not change that...it just gives more uniform categories from which to form a basis of the comparisons.. The UAD Q and C ratings should have equivalence in the cost approach too, and normally a C 3 house of same size will cost more to build new than a C 4 house. Upgrades added to the base house does not change that, the construction materials, and type of building architecture should cost more in a higher Q rating to build.
Part of the problem is the complete lack of absolute standard or examples. We are left to essentially guess what is meant by words (my bold above) such as higher, above-standard, significant, well-finished, upgraded, many, finishes. If the powers that be want absolute ratings, they need to make it very clear what separates.
The other issue is this--what if the interior demonstrates Q3 characteristics, but the exterior merely Q4? What's a poor UAD adhering appraiser to do?
It's a loss when appraisers never sold RE...I worked as a RE agent sales for 5 years prior to becoming an appraiser, and it helps you "see" properties holistically ( the way buyers do ).If an interior is Q 3, but the exterior is a Q4, then would you say the interior was upgraded, but the house is still a C 4? Because it's right there in the UAD verbiage, a C 4 is stock quality design...therefore i'ts a C 4 with a nice upgrades ( vs a Q 4 without upgrades ) Having interior upgrades did not make the ceilings higher or give it exterior detail or above standard design etc...
Buyers , like UAD ratings, have cut off points of what they want and expect ( and thus can/ will pay for ) in a house.. And a buyer who can only afford C4, of course appreciates when it;s upgraded but is probably priced out of the C 3 market, and a C 3 buyer has certain standards they expect in a home and won't "downgrade" to a C4, even if the C 4 is nicely upgraded. There are exceptions of course but in general buyers fall into patterns and categories and the C and Q ratings fit those categories fairly well imo. Of course on the SC approach it's about other properties relative to subject, equivalent to or superior to or inferior too and UAD does not change that...it just gives more uniform categories from which to form a basis of the comparisons.. The UAD Q and C ratings should have equivalence in the cost approach too, and normally a C 3 house of same size will cost more to build new than a C 4 house. Upgrades added to the base house does not change that, the construction materials, and type of building architecture should cost more in a higher Q rating to build.
