Do You Adjust For Differences In Siding?

[Ken-NC]

Anyone notice the appraiser is making an across the board adjustment.

Exactly.

Does he give reasonable evidence for making an across the board adjustment? Or is he pumping the value any way possible?

None whatsoever. Nothing in the comments. The subject is also listed as Average Quality and Average Condition. 23 years old.

 

[Carnivore]

Originally posted by Lysander in Charlotte@May 26 2005, 04:51 PM
No adjustments here for difference between vinyl, masonite, hardboard, & wood. In point of fact, vinyl is the better of these because of maintenance, but there seems to be no market perception value difference. I do make a modest adjustment for fiber cement (hardi-plank) siding which has become popular here. It is more expensive and superior. For brick, I adjust $2-4K per side depending on size, age, etc.

Lysander & Doug,

Nice to see we are all basically on the same sheet of music. I might add that my view has been that maintenance free exteriors versus masonite/rough hewn sidings value differentials are more related to price point. The annual maintenance cost or the annual personal labor seem to be the factor. Simply the upper end can easily afford the upkeep by hiring someone and the lower price points dont want to do it themselves and they cant afford to hire it out.

The upper end(especially above $400k) are more concerned about design and appeal. For those outside this region its not uncommon in Charlotte for the upper end to use three to four different veneers for design and appeal.

 

[Tom McDowell]

Originally posted by Ken-NC@May 26 2005, 10:30 AM
I've always found it difficult to make that type of adjustment as I've never been able to support it through a paired sales analysis.

Ken

Ken,

I would think it would be just as difficult to dissprove this adjustment as it is to prove this adjustment. If it is common in your market for appraisers to make this adjustment then the original appraiser would be justified in making it. If you have data to prove this type of adjustment is not warranted then you need to note it in the appraisal review. I would look at the overall quality of the report and not worry about the individual adjustments unless they were excessive or made in the wrong direction. I have always heard it said that the adjustments above the room count line are fluff adjustments. While I don't agree with that statement it is where all the adjustments are that are harder to prove and can be manipulated towards a desired outcome.

If the adjustment isn't explained in the appriasal I would make a comment about this.

 

[Phil Chamberlin]

If you are appraising in the Puget Sound area of Washington (Seattle & surrounds) you sure better make an adjustment for "LP siding" (Louisiana Pacific oriented strand siding), unless you are willing to pay for the $15-20,000 replacement cost.

Very common recalled siding product used in 1980's & early 1990's. I had it on my house, but I knew it when I purchased and I received the repair check from LP. Now little, or no money left in the lawsuit settlement account funded by LP.

 

[Baldwin]

I see in M&S cost book that for the same size SF home with vinyl siding compared to brick exterior, the difference is @ 8% per SF in building cost. But the question is: What does the market show???? If we can't show it by paired sales then we might be able to use the cost figure and back it up that way.
Bob