Floor Plan Adjustment Appraisal
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Using paired sales to determine adjustments subject is a 1 600 square foot house with a view but there are no sales in the past year of similar size homes with comparable views.
Floor plan adjustment appraisal. Fannie mae selling guide october 2013 b4 1 4 14 appraisal report review. The following must be observed when calculating and reporting above grade room. 0 200 000 the adjustment will likely start between 20 00 and 30 00 per foot. I liken the adjustment process to reverse engineering.
400 000 to 700 000 50 00 to 100 00 per foot. However there are four sales of the same plan without views in the past 120 days ranging in sales price from 200 000 to 225 000. 200 000 to 400 000 30 00 to 50 00 per foot. Bill has helped people move in and out of many metrowest towns for the last 32 years.
Appraisal adjustments and guidelines for home resales. The table below is a general guideline for resales. The appraiser must use the exterior building dimensions per floor to calculate the above grade gross living area of a property. Agents would be doing themselves a favor by taking some basic appraisal courses from the institute.
Or they could hire a professional appraiser to do a pre listing appraisal when they list a home. Plus homes with a breezy wide open flow naturally feel larger and allow sunlight to bounce between. A few additional tips. Then generate high resolution 2d 3d floor plans at the click of a button.
If included the floor plan is included only to assist the reader in visualizing the property and understanding the appraiser s determination of its size. Very good primer for non appraisers tom. If the appraiser has included a floor plan in this appraisal report it shows the approximate dimensions of the improvements. In a tract subdivision with many homes designed with the same floor plan and different street elevations the range of value may be five percent.
Your floor plan doesn t flow. Draw your floor plans yourself or order floor plans from our floor plan services all you need is a sketch or blueprint. Appraisers know that today s buyers put a premium on open layouts for the main living areas. Over 700 000 the range is likely between 75 00 and 200 00.
Open floor plans connect the kitchen and the family room an ideal setup for entertaining and social interaction. The above real estate information on what appraisers look at during a real estate appraisal was provided by bill gassett a nationally recognized leader in his field bill can be reached via email at email protected or by phone at 508 625 0191. With the roomsketcher app our easy to use floor plan software you can draw a floor plan in minutes on your pc mac or tablet. Adjustment to single family homes.
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