kitchen in the basement

[Linderfly]

what comments and or adjustments do you reccomend for kitchen in the basements and or/mother daughter homes. does legality affect the adjustment.

 

[Mike Kennedy]

UM.........WHERE ?

 

[Mike Boyd]

Well, it depends. LOL

Is this a 2nd kitchen? If not, we would need a floor plan including your description of "the basement."

What is a "mother/daughter home?"

 

[Linderfly]

if the kitchen is above grade is there an adjustment for a second kitchen and does it have to be legal and have a c of o. AND if the kitchen is in a basement how would you treat it. Mother daughter is an accessory unit with separate entrance to the space that has the kitchen.

 

[EVAUSA]

Assuming there is only one kitchen:
FNME wants to know if below grade/basements are typical for the area. If they are, and you can support it with three comps with below grade area, similar layout, you can include the entire area as GLA without an adjustment. If this property is unique, without similar floor plan comparables, I'd suggest looking at the last sale of the subject and pull comps from that marketing time. Did it sale in line with the market or below? If below, you can derive a -% adjustment for functional utility based on its previous sale, giving value to the entire square footage, including basement.

 

[Walter Kirk]

Are you talking about a full kitchen of similar size and style to the main kitchen? Are you talking about a summer kitchen or canning kitchen?

Basement kitchens used for special events or for preserving foods are common in older houses in some ethnic neighborhoods (both of my grandmothers had them). In the case of this type of kitchen I note it's existance but I have never found any sales data to support an adjustment.

 

[Linderfly]

what do you think if this kitchen (in the basement) has a bedroom and a second entrance making it a "mother daughter" arrangement. would you then adjust?

 

[Walter Kirk]

Is there a bathroom in the basement? What about a living room?

 

[jay trotta]

"Legal Permitted Use" - rings a bell......heh, heh

if it's illegal, how does one adjust ????????

 

[Steer]

I have seen a kitchen or extensive basement finish many times in my market.

IF it is a legal permitted use (if there is such an animal in your town) I would give it a contributory value and adjust according to market reaction. Below grade is not typically given similar adjustments to above grade as you might know.

Is this typical for your market? Are there any similar sales with a basement kitchen? Chances are that if you can find a sale or pending/listing comp one this amenity you can extract the contributory value.

Either way, this shouldn't pose a huge problem. You could also ask a few appraisers or your supervisor/mentor if they have any relative data that would be helpful.

Good luck