- Apr 29, 2002
- Professional Status
- Certified Residential Appraiser
- New York
The 2nd last line of the cost approach on the 1004 form states for the appraiser to input the "As-is" Value of Site Improvements. When completing an appraisal on a proposed construction and basing it off plans and specs, what would be included here? Typically on an existing home we would input the estimated cost of the driveway, well, septic, landscaping, etc. If the proposed construction plans and specs call for a concrete driveway and walkways, would you still put the estimate of those items here? It states "as-is" and there presently is nothing on the site but dirt. So the as is amount is $0? Then we would have to throw the cost of the driveway and walkways on another line above? I am just wondering what everyone else is doing here. I guess the "as-is" reference here is confusing. Since the entire report is "subject to" shouldn't the "as-is" reference be removed? If it just said Value of Site Improvements, it would be easier to answer. Thoughts?