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Residential or Commercial??

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Rick Hess

Thread Starter
Sophomore Member
Joined
Feb 6, 2002

For log keeping purposes, also liability purposes, when does a farmette/farm property become a commercial appraisal?, or is it ALWAYS a commercial appraisal?
I sure don't want to log anything that may get tossed out by the state, or to have the state decide I am doing appraisals above my threshhold limit and not license me after I have passed the tests and gotten my minimum # of hours.

Thanks in advance

Brick
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
In Minnesota we call them Hobby Farms, depending on the area, can be 5 or 10 acres. Sometimes more.

Treat as though it's a residential appraisal., because it is. Of course, some are quite elaborate with horse barn(s), pole shed, chicken coops, rabitt hutches, over-sized garages for car hobbyist...
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Suggest you go over Highest and Best Use once more. Your determination there should answer your question for you.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I find it really interesting that these "hobby farms" or in our neck of the woods "ranchettes" are almost always financed as residential. I have even seen bed n breakfast facilities called single family residences for loan purposes.

Highest and Best Use? Would any of them make it from an income basis? Famous Mikie saying...."it is what it is".
 
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