I'm working on a refinance of our home, and we have 800-900 square feet of finished living space that the appraiser did not include in the appraisal. This space is above-grade, was fully permitted with our building department, and I pay taxes on it thanks to an increased tax assessment of our house as a result. It is plumbed and wired for kitchen appliances, so it could function in future as an in-law, although it is not currently used as such. It is a large building that is attached to our carport and 2 car garage, and it has a 500 square foot studio with 20 foot cathedral ceilings, a bedroom and a full bathroom. The level of finish is excellent - hardwood floors, its own heat pump, its own electrical panel, septic, custom tiled full bath with footed tub, etc.
It is not attached to our main house.
The appraiser did not include the extra bathroom or any of the square footage in his report - yet he included pictures of it which show it to be of the same quality as our main house that he photographed.
The only spot I can see on the appraisal where he's made an adjustment for it is lumping it together with "sheds" and considering other properties with barn/shop as similar. (Even if that were the case, I still assume an adjustment would be appropriate because our property has three barns, a 2400 sq ft greenhouse, and two other storage facilities, not counting this finished living space.) The appraiser gave no adjustment compared to any other property that had a shed or barn. With one comp that had no out-buildings, he added $30,000 in value.
Does this sound right?
There are a few other issues with the appraisal. He didn't count 240 sq ft of finished living space that we added to the main house, under-counted the number of car garages, omitted most of the outbuildings, and his description of the interior appears to be cut and pasted from a 4 year old appraisal (pre-remodeling) that he'd requested from me. Mentions of carpet when all photos show hardwood, butcher block on kitchen counters when it's all marble, etc. Also seems like he did not do any adjustments for location. So while our property is located less than 10 min. from town, he used comps for properties located 53 miles from town in poor school districts withou
It is not attached to our main house.
The appraiser did not include the extra bathroom or any of the square footage in his report - yet he included pictures of it which show it to be of the same quality as our main house that he photographed.
The only spot I can see on the appraisal where he's made an adjustment for it is lumping it together with "sheds" and considering other properties with barn/shop as similar. (Even if that were the case, I still assume an adjustment would be appropriate because our property has three barns, a 2400 sq ft greenhouse, and two other storage facilities, not counting this finished living space.) The appraiser gave no adjustment compared to any other property that had a shed or barn. With one comp that had no out-buildings, he added $30,000 in value.
Does this sound right?
There are a few other issues with the appraisal. He didn't count 240 sq ft of finished living space that we added to the main house, under-counted the number of car garages, omitted most of the outbuildings, and his description of the interior appears to be cut and pasted from a 4 year old appraisal (pre-remodeling) that he'd requested from me. Mentions of carpet when all photos show hardwood, butcher block on kitchen counters when it's all marble, etc. Also seems like he did not do any adjustments for location. So while our property is located less than 10 min. from town, he used comps for properties located 53 miles from town in poor school districts withou