Tin Roof Trouble

[Blue1]

Am I the first one to post an actual appraisal question here? Well here goes.... :roll:

Old house "tin" roof. That is a corrugated, galvanized metal roof that you would usually see on an outbuilding. No comps with similar roofs just composition shingle. Should I include a superior quality of construction and/or functional adjustment to the comparables? Whay to you all do?

Thanks
Bruce M :twisted:

 

[Ray Ohler]

OR should it be "rooves"? Let's see "hoof" or "hooves" BUT you can say "hoofs" :lol: All kidding aside, there are many old properties here with "tin" or metal roofs (Phila. & surrounding counties). I have seen tin roofs as old as 120 years, NO LEAKS. I'm not a construction "expert" but when you consider that a "composition shingle" roof PROBABLY, ALLEGEDLY, has an ABOUT POSSIBLE "average" lifespan :lol: of anywhere from 18 to 23 years, I would seriously think about saying it was "inferior construction". It all depends on your local market, just because people have replaced the tin roofs with shingles, who knows? They probably COULDN'T AFFORD to replace the metal roof. Aside from the fact that when it rains it sounds like hell, but some people LIKE THAT. Unless I had "definitive" data, I wouldn't make a quality of construction adjustment. If there was no evidence of leaking, I would state that fact and inform the reader or readers to see an addendum where I would discuss in further detail BOTH the merits and disadvantages along with some cost data.

 

[wyecoyote]

Bruce,

Just my thought but metal/tin roofs are supposed to be lifetime warrantied. We have several houses here that have metal/tin roofs in western washington and have yet to find a difference for a comp vs a metal roof. The only difference that I have been able to find is that it is exactly opposite here the metal/tin roofed houses will sell for slightly more than the comp roofed houses. Did that one today with paired sales analysis. Three clones one had a metal roof in subject's plat metal roof one sold for $5,000 more than the others. Now that could be simply a buyers/sellers negotation power however, not many times get clones and had this one today.

Ryan
Need a spell check in here.

 

[airphoto]

Put an asphalt shingle roof on my house about five years ago .. had put a metal roof on our former Chevrolet Dealership a year or so earlier .. wasn't thinking, and really should've put metal on my house. Snow slides off without sticking is the biggest advantage. Metal (colored) becoming much more common here (upstate NY - woodchuck country) and much more acceptable.

Like other posters, I've yet to discern any valuation difference between a relatively new, colored metal roof and the more common composite roofs (rooves?) Would tend to think you might have an appeal difference, however, atwixt a new metal or composite roof as compared with an older, possibly rusty or one needing regular painting/maintenance corrugated roof.

Cheers!

B.

 

[RGAcker]

My first response to the forum . It has been my experience that unless there is data to support an adjustment, you should not make one. If there are no similar "tin Roof" comparables, then how are you suppose formulate an adjustment. I agree with Ray on this one. Hope this helps. RGAcker

 

[Oregon Doug]

Bruce - I live way out in the woods in a log house with a 10/12 pitch metal roof. They are becomming ever more common. We like 'em out here decause they are fire proof (insurance cost) and they last a long time. However, you should visit during a hail storm! Brings back memories of the day that I ran to the house from the barn in Kansas during a hail storm with a pail over my head when I was a kid!

Oregon Doug

 

[Jeff Horton]

I have to agree with the others. In my area they are becoming more and more common. I don't adjust either way but the owners are sure proud of them and I suspect buyers are willing to pay more. I just can not prove it yet.

 

[Mike Garrett RAA]

Metal roofs are very popular here, especially in areas that have the possibility of forest fire. Just don't call them "Tin" and everything will be fine.

 

[Tom Hildebrandt]

My first response to the forum . It has been my experience that unless there is data to support an adjustment, you should not make one. If there are no similar "tin Roof" comparables, then how are you suppose formulate an adjustment. I agree with Ray on this one. Hope this helps. RGAcker

RGAcker

I have often heard it stated that if their is no data to support an adjustment, you should not make one. While this may be a good broad brush generalization, I am not certain that I would agree that this is a golden rule to live by. Part of what we are paid to do is express our judgement, not just to report analysis of data. In short, we appraisers are more than statisticians.

If you have done a dilligent search for data and there is none but you believe that an adjustment is warranted, you need to explain the issue, the lack of data and present the reasoning that would suggest the adjustment.

For example, if a home were painted in a psychodelic motif, ala the 1960's, in my market, I doubt I could find sales to demonstrate that the house would be discounted for the price to repaint. But I sure as heck would make a deduction for the cost of repainting.

Regards

Tom Hildebrandt GAA

 

[Ray Ohler]

Let's see an AVM pick up that one. Some things ARE "judgmental" on the part of the appraiser. I believe that is why if you have any clients who portfolio their loans they are going to still require the services of an appraiser unless they get GREEDY, which in that case, you're doomed. Let's see, we have the Sales Comparison Approach, Income Capitalization Approach, Cost Approach and... I don't want to get in trouble over this one, I don't know if "AVM" is copyrighted or trademarked...hmm, well, if not "taken out of context" MY "OPINION" is that "The AVM Approach" could POSSIBLY, stand for "The A******, Verminous, Moronic Approach".