- Feb 19, 2019
- Professional Status
- General Public
Is there a standard adjustment For a residential appraisal with a new environmental issue with in 900 feet?
No, but a little explanation of the situation would help. FHA, etc. requirements expect the appraisal to report potential environmental hazards if known.
I have a brand new open pit rock quarry it is just opened up next to my very nice home. They are blasting at least once a week and it shakes the whole house! There a rock crusher runs five days a week 10 hours a day or more. The dust from the plant crushing the rock, from the trucks coming in and out of the plant, and moving new dirt making room for more rock storage. I’m on a total of approximately 100 acres. My home is Approximately 2000 feet from the blasting. One of my rental homes is approximately 900 feet from the blasting.
environmental issues vary in the hazards, the ability to, and length of time, to clean.
You wouldn't expect the same decrease in value for a property in the Chernobyl zone as the property where the oil man spilled the heating oil outside the tank.
There is no standard adjustment for anything in appraising. It is all based on market reaction.