Split Foyer With Kitchen In Basement

[Wallycox]

How would you appraise a split foyer that has a kitchen and living room in basement and bedrooms and bath on first floor? Chances of finding a comp with no kitchen on the first floor will be impossible.

 

[Terrel L. Shields]

I would turn it down if for secondary market. For a conventional in-house bank loan, I would appraise it using other split foyer homes regardless the arrangement. I don't see that as much of a factor. I personally don't like split foyer design and most of them quit being built here in the 70s and early 80s.

 

[Michigan CG]

I did one of those two weeks ago. Mine was a split level home with the kitchen and living room on the lower level. I had two pages of narrative explaining how I felt the market would react. The report was over 40 pages for a 2,200 SF home. The best thing to do is sit down and ask yourself how you would perceive the property and also quote Realtors about how they perceive the property.

The hard reports make one a better appraiser.

 

[Digger88]

its hard to believe someone would "custom build" a s/f with a kt in the basement (very common here in one city in particular) but you obviously know your market well. OH! youre a trainee and in MD. im in northern VA. is your appraisal in woodbridge/dale city by chance?

 

[Digger88]

its hard to believe someone would "custom build" a s/f with a kt in the basement (very common here in one city in particular) but you obviously know your market well. OH! youre a trainee and in MD. im in northern VA. is your appraisal in woodbridge/dale city by chance?

also, if in md tell me the subdivision ur working in and ill see what i can find.

 

[HF Mudd]

I would expand my search parameters both in time and to comparable markets until I found comparables with a similar layout, and use the market data to figure out the market reaction, if any.

 

[McMurphy]

Presumably, the OP knows the difference between a "split foyer" and a "bi-level".

And knows how to search in MRIS for comparables.

 

[Meandering]

We have a few out here with the kitchen in the basement.

The only people who seem to be really freaked out about it are appraisers and lenders.

Depending on the layout of the rest of the home, some buyers like the kitchen in the basement, especially when it's a walk out basement and the "front" door is up a variety of steps. Carrying groceries up steps can be a major issue for some buyer pools. There are other buyer pools that prefer the kitchen in the lower level as it does not heat or smell up the sleeping rooms of the house, and keeps company away from the more private areas of the home. Also, with the walk out basement kitchens, when combined with a good outdoor space, provide that indoor/outdoor party environment that attracts other pools of buyers, especially those with large families, or many family members in a close proximity.

Your best bet here is to find a comp, but also to talk seriously to the agents and if possible, to people who have toured the home and get their impression of the layout and if the layout impacted their decision to buy or not buy.

.

 

[Wallycox]

its hard to believe someone would "custom build" a s/f with a kt in the basement (very common here in one city in particular) but you obviously know your market well. OH! youre a trainee and in MD. im in northern VA. is your appraisal in woodbridge/dale city by chance?

Frederick co.

 

[Wallycox]

also, if in md tell me the subdivision ur working in and ill see what i can find.

Not a subdivision. Out in the country in Frederick County.