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Deferred Maintenance or Immediate Physical Curable

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Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Ah, the great home owner-appraiser debate. I just bought this brand new $5,000 air conditioning system (replacement), doesn't that add $5,000 to the value of the home? I just added a $4,000 composition roof, doesn't that add to the value of my home. I have done $40,000 worth of improvement in the last 10 years (yard work, a new tree, new gutters, a new storm door, three new light fixtures, new light bulbs, etc, etc, etc all itemized in a list for you). Dollars in do not mean dollars out. I will never try to discuss typical deferred maintenance or any maintenance that is typical for the history of a home. Basically, I treat deferred maintenance as "required repairs" that would bring the home to typical average condition. Otherwise, I consider the overall condition of the home and whether a repair is needed to make the home liveable. Sometimes it seems my idea of liveable is above what some home owner's believe is liveable.
 

Will Granger

Thread Starter
Sophomore Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Tim,
I'm on your side about talking to owners about the "real" situation. A friend of mine just put in all new windows, gutters, siding, and new roof. $14,000 on a $90,000 home. Now he's probably got a $100,000 home if the interior isn't rashed. You've been around obviously. :)
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
My favorite is when they brag about the $10,000 they just spent on the new kitchen or bathroom and then you walk into a gutted bathroom with everything removed or the pile of roof shingles in the yard that completely obstructs the back the house. Or, they tell you about all the improvements they have done on the home before your appointment and when you get there, you find out none the projects are actually done, but they will be some day.
 

Will Granger

Thread Starter
Sophomore Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Tim,
Yep. Yep Yep. :lol: Like the builder saying it's complete and you go and the carpet's not down and the landscaping is finished. Um hm!
I still haven't been able figure out how much a fence is worth or a storage building.
Well, time for me to change clothes and go try a new paint on the dining room wall. The decorator said to go with Raspberry Glaze. That non-neutral color should add $1500. I hope I don't get transferred and have to do a relo appraisal on my own home. 8)
 
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