Value of Bedroom

[TOURMANB]

I see in many CMA appraisals that there are specific $$ values given for certain features when comparing properties (i.e. bathrooms, age, living area, etc).
Is there a rule of thumb in value for a bedroom?

 

[stefan olafson]

It usually has a bed?

Appraisers don't typically do CMA's, competitive market analysis or comparative market analysis, that is typically done by real estate licensed individuals.

Your real answer is no, there is no rule of thumb on bedroom value in an appraisal. An appraiser over many many years does matched pair analysis from which they derive their own interpretation of value of items, based on market reaction.

 

[Lee Lansford]

..

Is there a rule of thumb in value for a bedroom?

Yes, there is.

The correct answer is "it depends" upon many variables specific to the market in which the subject property competes.

 

[JTip]

Depends on the market area. Is it the 2nd, 3rd, 4th, 5th, 6th or 7th+ bedroom you are questioning the potential value?

 

[AnonApprsr]

Depends on the market and the "Subject." In some areas I see no difference between 2 and 3 bedroom homes, specifically when dealing with raised/split ranches with finished basements of similar finish to the GLA. This can even extend to Capes and Colonials when it gets to 3-4 or even 4-5 bedrooms. When already adjusting for GLA I have to find actual market indications of a difference between 3-4 or 2-3 bedroom homes before making an adjustment.

Rule of thumb: adjustments are based on the market, or the appraiser's opinion of the market

 

[DMZwerg]

This can even extend to Capes and Colonials when it gets to 3-4 or even 4-5 bedrooms.

I have seen some more modern constructions where the original owner still lives in the house and the difference between two otherwise identical properties with different BR counts was literally "1 wall with a door in it" ... the original owner chose the "loft / reading area" option instead.

 

[Metamorphic]

What I've found is that most homes can be adjusted on the basis of GLA alone. The exception to the rule is in markets where young families and limited incomes occur. In these areas a wall that divides a bit of GLA into 2 private spaces has value that exceeds the value when you consider the square footage alone.