Value for dwelling only

[Allied7]

I received a call from a customer asking for an appraisal to determine the value of her dwelling only not including land. The town in which she lives will only allow her to build her addition if the dwelling itself is worth a certain amount in order to meet criteria. I was going to do a full appraisal to determine total value and then complete the cost approach and subject the land value to derive dwelling only value. In 20 years I've never been asked for dwelling only value. Anybody have a better idea or approach to this assignment? Thanks in advance.

 

[Red Flint]

subtract the land value instead of subject. don't forget your confidence when you write the report.

talk to town, become conversant in their criteria, may be additional work if you become known for doing this.

 

[Fernando]

Wouldn't contractor/builder be better qualified? After all a dwelling can be moved to another site.

 

[Dublin ohio]

Please disregard post 3. Total value minus land value. Don't forget about site improvements. and outbuildings if there are any since they are asking for dwelling value. Hopefully you will have some land sales. I was lucky on a couple I have done because I had viable land sales. Both of mine were for improvements to existing riverfront properties in a flood zone.

 

[Terrel L. Shields]

They are asking for the contributory value of the dwelling to the site, therefore, Dublin is correct. Estimate the total value, then subtract the value of the land "as if vacant and available for its highest and best use."

 

[jay trotta]

I received a call from a customer asking for an appraisal to determine the value of her dwelling only not including land. The town in which she lives will only allow her to build her addition if the dwelling itself is worth a certain amount in order to meet criteria. I was going to do a full appraisal to determine total value and then complete the cost approach and subject the land value to derive dwelling only value. In 20 years I've never been asked for dwelling only value. Anybody have a better idea or approach to this assignment? Thanks in advance.

A question, is the Town trying to simulate "Flood Insurance" protocol??
I would check into that before attempting a value. (IE: what is the appraisal problem?)

IMO-damage control won't work after the fact here

 

[BRCJR]

Wouldn't contractor/builder be better qualified? After all a dwelling can be moved to another site.

Dat the Fernando way?

 

[Fernando]

Appraisers ain't no expert on cost.

 

[Dublin ohio]

Appraisers ain't no expert on cost.

But builders ain't no expert on appraising

 

[TerryRohrer]

Dat the Fernando way?

I can't picture a scenario where a contractor/builder isn't better qualified than a Fernando.