Washington State Steel House Advise

[TJones]

Hello,
I am not in the industry and need some advise from a Washington State Appraiser. I am looking to build in Clark or Cowlitz counties, SW Washington.

I want to build the pictured steel house in a rural area, but after describing what I want to do to my lender he was wary of this not being classified as a house, therefore excluding me from lending from him. Due to him being an out of state lender unfamiliar with our laws he advised that I ask an appraiser before I have designs completed. So I have requested a halt to my designs. :-/

Essentially this is a 60'X100' General Steel Building where 1/3 is a 2-story living space, roughly 3700sq/ft. The other 2/3's is a large unheated garage, roughly 3400sq/ft, and a smaller heated garage, roughly 500sq/ft. I have a lot of toys that are in my trailer, a storage unit and they are getting weathered outside. None of which I like very much.
So due to the oversized attached garages he is worried about the entire unit not being appraised as a home.

My question:
As a Washington appraiser would this be classified as a house or something other?
If not a house what would it be classified as?
I very much appreciate any input you may have
Regards,
TJ

1st floor​

2nd floor​

Exterior look​

 

[JTip]

Any property can be appraised, even unique homes.

Perhaps the real question is will it appraise for the cost to build?

Money talks; if you put 50% down I'm sure you can find somebody to lend you the rest.

 

[Michigan CG]

The job of the appraiser is to tell the lender, "Mr. Lender, here is what I think you can sell this for should you own it today". I like the building and think it is unique but who is the next buyer should you fall off a mountain the day after it is complete?

There is a term called "principal of substitution" that I won't get into but wouldn't it be smarter to build a traditional home and then a erect a nice pole barn for your toys?

 

[Elliott]

I did an appraisal on a standard steel storage container that was similar to one of the HGTV tiny house projects, 8 x 40. Quicken balked on it, but another lender funded it. The key is whether the property is reasonably marketable and so residential in character that an appraiser will say so. The photo and diagram indicate a reasonable residential structure, so I wouldn't see a problem.

 

[Tim The Enchanter]

Looks interesting, looks cool. A mixed use building.
No insult intended, it seems to be an oddity.
Unless there are other similar properties in the area.

build a traditional home and then a erect a nice pole barn for your toys?

This would seem to be a more marketable and lendable idea.

The steel building house might be a bit off putting to a buyer.
A steel barn, no problem. imho.

 

[Mr Rex]

The job of the appraiser is to tell the lender, "Mr. Lender, here is what I think you can sell this for should you own it today". I like the building and think it is unique but who is the next buyer should you fall off a mountain the day after it is complete?

There is a term called "principal of substitution" that I won't get into but wouldn't it be smarter to build a traditional home and then a erect a nice pole barn for your toys?

No, that's called an REO value.

 

[Sid Holderly]

There are a few pole buildings built like this in rural areas here. Local banks and farm credit do lend with them as collateral here. A few have also resold, but that will take a substantial hit from cost. The appraisal problem is trying to come ups with comps of comparability sold within the acceptable time frame of the lender.

 

[TJones]

The job of the appraiser is to tell the lender, "Mr. Lender, here is what I think you can sell this for should you own it today". I like the building and think it is unique but who is the next buyer should you fall off a mountain the day after it is complete?

There is a term called "principal of substitution" that I won't get into but wouldn't it be smarter to build a traditional home and then a erect a nice pole barn for your toys?

Primarily was going with the one building for a lower cost.

 

[TJones]

There are a few pole buildings built like this in rural areas here. Local banks and farm credit do lend with them as collateral here. A few have also resold, but that will take a substantial hit from cost. The appraisal problem is trying to come ups with comps of comparability sold within the acceptable time frame of the lender.

Thank you, I am beginning to understand a bit clearer how all the pieces need to come together.

 

[TJones]

What I am gathering is that if I split building in two pieces, one two story living space and a detached garage I should be able to get a better valuation.

That being said, the living space layout I set forth might also affect valuation as compared to a stock standard layout.

So in order to truly find the valuation I need to provide the location of the proposed land and drawings of the structures to an Appraiser? I think that sounds about right..?

My question would be to the drawings required. I am having a design firm make me drawings and 3D renderings. Would I need the Architectural drawings and a build list of fixtures?