• 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.

Cost Approach - Porches

Status
Not open for further replies.

Judy Whitehead (Florida)

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Florida
I am doing an appraisal on a large two story with wrap-around porch (total almost 1300 sf) and can't find the correct multiplier in Marshall and Swift to compensate for the much larger than given square footage. I could swear that it used to be in there regarding porches....I know where the living area one is. The largest square feet given is 300. Is this just a Friday afternoon mind belch?
 

Wally Jones

Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Judy,

Try the Segregated Cost section (Tab B, Pages B-24,25). They have figures for "equal to or greater than" 300 SF.

Hope this helps.

It's FRIDAY ?!?!?!?!?!


:rofl:
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
SWAG: Porches normally at 25% of Living area cost, but I'm finding about 15-20% is more likely. All you've got is roof and slab.

Roger

BTW, why are you hassling using M&S? Seems you should be able to eyeball the value from the market.
 

Wally Jones

Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
I can't answer for Judy, but I just had a similar sounding porch. Old style Florida home, tin roof, whitewashed clapboard siding, big old porch wrapped around three sides of the house. No slab. Cedar planking on block and pier. Went back two years on comps to find one like it, but nothing resembling the porch in the data. So, in the absence of the market data, I used M & S as a guide. I couldn't find a builder to disagree with the figures by much. I was surprised, as I thought it sounded like way too much.

After only a limited experience listening to folks sit in front of the appraisal board trying to defend where their figures came from, I feel better about all these years of "hassling" with M & S instead of using the SWAG method. Either one may or may not be accurate, but the former is sure a lot easier to hold up in front of a lawyer. (And even better if it's backed up with a folder full of local builder cost data.)
 

Judy Whitehead (Florida)

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Hi there Wally - it is a comfort to me to rely on M & S when I need to as well. One of the things that is helping me greatly is that my husband and I are building a new house right now. Boy is that an eye opener when you get right down to the nitty gritty of what is "standard costs" with the builder and what the "actual costs" may end up being. For instance, the cost to clear the lot - versus taking down the dead pine trees and sweet gum trees that are also on the property! I do save pool and house contracts myself, and have my own to refer to!

You are right, though those old fashioned porches (like the one I have) with wood floors, columns, rails, drywall ceilings, etc. are pretty pricey.
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
Originally posted by RStrahan@Jul 11 2003, 04:56 PM
BTW, why are you hassling using M&S? Seems you should be able to eyeball the value from the market.
Can't speak for Judy and I see Wally pretty much answered with my thinking. But I recently bought the M&S CD because it was defendable if there was a problem. I think the cost more is well worth it for that reason. I had an owner want to argue about my appraisal and they didn't like the cost approach either. It was nice to tell them they can take that with out the folks at M&S since I didn't come up with those numbers.

And I have seen out board reprimand people over unsupported cost approaches too. Seems the builders telling you is not acceptable to them if they find something else in your reports. So and so said ________ is just hearsay.
 
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