Handicap updates, how much value?

[MS Rebel]

The subject is a 3/2 in an area of 75 - 90k homes. Owner is paraplegic.
1 door added to allow exit from the master bedroom. Bathroom has been remodeled with wide door, roll in large shower stall, sinks raised to needed level. 3 additional doors in the home have been enlarged to allow wheelchair access into rooms. Concrete ramps added (small to go up one step), 2 patios added with access from kitchen and master bedroom.

There will be no similar comparables. Where do I start with this one? Should I just consider it a 'normal' bathroom? Anyone run into this one?

Thanks.

:new_smile-l:

 

[James Micozzi]

Rhonda

I ran into the same thing. The homeowner had renovated all the bathrooms in the house to be handicap accessible. There was also an elevator added that stop at the basement, ground level, first and second floors. I did not apply any value to these renovations as they were added for the current owner to have access to the house. A potential purchaser might not want these improvements unless they were handicapped as well. I mentioned these handicap accessible items in my report and left it at that. Of course, that is how it is perceived in my market area on Long Island, NY. It might be different in your market.

 

[Lobo Fan]

I think it depends upon the amount of handicap access. There are some showers equipped with hoists to get the people out of the chairs. I think that if the facilities could be used by a non-handicapped person without modification then I would call it a regular bathroom. If there was a lot of equipment to stumble over or remove then I would hit it with a cost to cure.

 

[Panduro Alonso]

Do an extensive historical analysis. Look for other sales with similar improvements. Go way back in time 5+ years if your data source allows. Check to see how much diff these homes sold for versus others that have not been handicap improved (%). There is usually a difference, if not in the high days on market. Do typical buyers want extra doors, access ramps and wide doors? Call around and talk to agents. Ask them what they think, if they have ever listed anything like what you have encountered. The key is to not assume you wont find anything. You have to dig deep. This will take time and diligence. At the end of the day if you have exhausted all posibilities and have not found any data to make comparisons, I would apply a cost to cure to turn the house back to "normal". Make sure you document everything in the report. Just my opinion.

 

[xm39hnu]

I've gotta join the cost to cure crowd where the handicap-aid improvements interfere with or modify normal utility. Got my Dad's house on the market. He had a handicap ramp (treated wood) built onto the front porch so he could wheel Mom outside easily. First offer we had was a lowball--which included a requirement to remove the ramp.

Look at it from a basic standpoint: Is the pool of buyers who want h/c accessories larger, similar, or smaller than the pool of normal buyers? Smaller, no? So that means you've got to wait a lot longer to get your twenty lookers to see the house, in order to find that buyer.

Now, a clever agent might advertise the house in and around centers which aid the handicapped, and sell the house sooner. Enriches the pool of lookers with more handicap-interested buyers.

But I think you'll find market time a little longer for these things that have been extensively modified. In fact, some things like built-in lifting apparatus may be a little off-putting to the average buyer. That stuff is for sick people. Hell, I ain't sick.

 

[Steve Owen]

My gut feeling is that if it is usable by a person without a handicap, then there really isn't any functional obsolescence... even if the buyer plans to renovate. I have gotten the HC accessible motel room every now and then and I really kind of liked the grasp bars and walk-in (roll-in) shower. They didn't offer to rent me the room any cheaper because it was HC accessible, and I think the same thing applies to your house.

On the other hand, if equipment needs to be removed, you might have a cost to cure. Keep in mind, however, that it might be as simple as removing a few bolts.

I did one once where the guy had lowered all the cabinets so he could reach them easier. This would probably have a cost to cure beause the non-handicapped person would have difficulty living with it... and it would be a little expensive.

 

[Christine Marie]

They didn't offer to rent me the room any cheaper because it was HC accessible, and I think the same thing applies to your house.

, i am way, too over working it here, i had to read that five times before the appropriate acronym hit home....

 

[Rudy Canoza]

Handicap updates, how much value?

One million dollars...

 

[Joanne Rauenzahn]

Handicap facilities are only worth value to the handicapped which is probably a lot smaller percentage of buyers. A normal buyer may not LIKE having the wider doorways or different bathroom. I certainly wouldn't give it additional value - would treat it as if it were like any other home - thats my opinion! ( and hope there are enough buyers that don't mind it ).

AM interested in what more of you think

 

[Mr Rex]

I would think it could add value in retirement areas, may be a detriment in a more "typical" market, as others have said, a "typical" buyer may not want counter tops at different heights, roll in showers, when every other house has the typical shower and ubiquitous (and seldom used) jacuzzi tub etc. As always, I would have to say. It depends.