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How Do You Adjust For This?

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Scott Leggett

Freshman Member
Joined
Sep 8, 2015
Professional Status
Certified Residential Appraiser
State
Kentucky
I have a 1700 sqft 1 story brick home 5/3/2 on 1 acre lot in a rural residential area with a 2800 sqft detached garage/shop w/4-16 foot overhead doors, I have 0 comps with anything close to the detached garage/shop. I would love to get someone's take on how you adjust for the garage/shop in the sales approach?
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
How about properties with a barn? If you can't find any then you might want to consider the over-sized garage as an over-improvement or super adequacy. As a last resort determine the cost to build such a garage as compared to what is typical in your market such as a two car garage.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Surely you have sales somewhere with a shop building. search your comps better, even if you go further afield or back in time. Extract it. You can bet it adds value unless very old and poor condition. example below
 

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J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
find the most similar out buildings, search back 2 years and out in area, imo in a rural or semi rural area such a building would be valued by buyers
 

Howard Klahr

Senior Member
Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
how you adjust for the garage/shop in the sales approach?
There are 7 quantitative and two qualitative adjustment methods. Pick one

Quantitative
a. Matched Pairs
b. Grouped data
c. Trend Analysis
d. Graphic Analysis
e. Statistical Analysis / Regression
f. Depreciated Cost Analysis
g. Income / Rent Differential

Qualitative
a. Relative Comparison
b. Ranking
 

EddieB

Elite Member
Joined
Feb 17, 2005
Professional Status
Certified Residential Appraiser
State
North Carolina
Don't forget to bracket that detached garage. Right, fellas???
 
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