Handicap updates, how much value?

[Joanne Rauenzahn]

Handicap amenities are only worth something to handicapped people. That's a small percentage of your buyers - not the average one. Defintely not something I would give added value to - but would just hope the average buyer isn't turned off by it! Thats my opinion - will be interesting to see what the rest of you think

 

[Steve Owen]

Handicap amenities are only worth something to handicapped people. That's a small percentage of your buyers - not the average one. Defintely not something I would give added value to - but would just hope the average buyer isn't turned off by it! Thats my opinion - will be interesting to see what the rest of you think

Ever try to move one of those new, large refrigerators? A wider door sure would have been nice.

My sister-in-law bought a house that had a ramp at the front door and a large HC accesible shower with the front bedroom. She's removing the shower because she is living there alone in the back bedroom and wants to use the front for something other than a bedroom... therefore, the space will be more useable as a half-bath with extra bedroom space. Cost to cure? I suspect the average buyer would have left it as it was.

But, she's leaving the ramp. Removing it would be easy. Then you would have to climb steps to the front door for the rest of your life. It's a lot easier to walk up the gentle ramp. But, would someone pay extra for that? I doubt it.

 

[Cecilia in SoCal]

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.

I've run into handicap mods, too - and agree with the "conditional" cost-to-cure crowd. Often the mods make for a more open "feel" or layout without being perceived as "weird" and could even be an asset in the "normal" market. But - it's certainly something to be treated on a case-to-case basis, in my NTBH opinion.

 

[CANative]

Based on slugging through thousands of listings over the years, I've noted that homes with handicap modifications seem to sell and the lower range of values when all else is the same. Hard to put a numberon it and I probably wouldn't make an adjustment. I would just gravitate to the lower end of adjusted values... at least IN MY MARKET(S.)

 

[MS Rebel]

Thanks ya'll.

I must do plenty of research for this one. (wish it was an easy assignment ... but I'm being tested about complaining ... so no complaints ) The owner is a veteran and was paralized during an accident. I didn't ask - so I don't know what kind of accident, just military related. It happened 14 years ago and he has owned the home about 6 years. He has 3 people employed to help him throughout the day. Lost one of his paralized legs to cancer a year ago. He was in bed (of course) with his computer on a stand. It looked like he could only use one hand - or that is the only one he moved about freely. I guess his other hand was there, I don't know.

And to think, I complain about things. He is such a beautiful person with a great personality.

Oxford had plenty of retiree homes built like this - most of them very beautiful and upscale. Down here, it is much different. The contractors in the Jackson area have not figured it out yet.

I don't know yet if it will add or detract from the value. Hopefully I can just leave everything alone, mention the amenities in the report and use comparable sales without adjustments for the HC revisions. But not sure about that yet - I'm just hoping.

Thank you for all the imput. Let me go count my blessings. What a day.

:new_smile-l:

 

[Murray Bloom]

I agree that handicap amenities that can be used or appreciated by the rest of us have no effect on the value; unless, as has been said already, the potential buyer is elderly. Then they may have value. But, aren't we appraising for the "typical" buyer?

As for those additions which might be considered annoyances or obstacles by a non-handicapped buyer (long wheelchair ramps, stair-climbing chairs, etc.) just figure the cost to cure and move on. Removing this sort of thing isn't nearly as expensive as purchasing or installing them. There might even be a market for some of them on eBay.

 

[Cecilia in SoCal]

Another thought: the property may just need a little longer marketing time to attain value? Compare to other a-typical homes' marketing times, there may be some kind of pattern.

 

[Joanne Rauenzahn]

Ever try to move one of those new, large refrigerators? A wider door sure would have been nice.

I might like the doorways - not so sure I'd like the bathroom tho!

 

[Joanne Rauenzahn]

We had a file in which the husband was in an accident - they sued and won. The insurance company assisted them in buying a house for around $200,000 - and put over another $100,000 of renovations into it. Only problem I orginally had was the insurance company also put a lien against the home for the renovation monies. My CLTV made the file unsalable! Altho the lien was to eventually be *forgiven* I couldnt work with it on the secondary market. They have now (after a year and an attorney working on it) decided to forgive the loan now. Took forever tho!

 

[Steve Owen]

- not so sure I'd like the bathroom tho!

That might depend on how good of an imagination you have. :icon_wink: