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Does room have to be on main HVAC to be GLA?
- Thread starter jonand15
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From what I can gather, it looks like he valued the area at $7,500 (or about $30 per sq foot) compared with $85/sqft for the dwelling according to the "Cost Approach to Value" section.
[update] ... And it looks like the $7,500 also includes the value of the cedar privacy fence we have around the entire yard. So the value per square foot would be even less.
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J Grant
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- Dec 9, 2003
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- Certified Residential Appraiser
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- Florida
The $ per sf in cost approach may not be the $ per sf contributory value used in adjustments for size variations between subject and the comps.
For example, if the bonus room is 200 sf and adds 200sf to the house, the appraiser usually brackets the subject sfootage with both larger and smaller, or if they can find them, same size sf (GLA) homes. The contributory value of the extra sfootage is typically less than the $ per sf cost to builg (which is usually depreciated down on the cost approach)
The contrib value may be, for example, $30 per sf, in which case the 200sf room would add $6000 in value when counted as GLA , but in report it got $7500 in value lumped in with a fence, so it could be virtually a wash.
I know that often times when I do an appraisal where I line item an area as an amenity rather than sfootage of dwelling, the value is often equivalent.
This may or may not be the case with your appraisal. If you take the adjustment for additional sfootage of a comp to subject and divide that amount by sf of the bonus room, you can see how much contrib value it would have added as sf compared to the contrib value it got on report as a sep feature.
For example, if the bonus room is 200 sf and adds 200sf to the house, the appraiser usually brackets the subject sfootage with both larger and smaller, or if they can find them, same size sf (GLA) homes. The contributory value of the extra sfootage is typically less than the $ per sf cost to builg (which is usually depreciated down on the cost approach)
The contrib value may be, for example, $30 per sf, in which case the 200sf room would add $6000 in value when counted as GLA , but in report it got $7500 in value lumped in with a fence, so it could be virtually a wash.
I know that often times when I do an appraisal where I line item an area as an amenity rather than sfootage of dwelling, the value is often equivalent.
This may or may not be the case with your appraisal. If you take the adjustment for additional sfootage of a comp to subject and divide that amount by sf of the bonus room, you can see how much contrib value it would have added as sf compared to the contrib value it got on report as a sep feature.
Mr Rex
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- Jan 12, 2004
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- Certified Residential Appraiser
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- North Carolina
What $/sf is used in the GLA portion of the grid? What is the sf of the BOG?
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