How does appraiser value a finished garage apartment?
2,703I am trying to run a CMA on a property that has a garage apartment and do not know how to count the garage apartment.
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REALTORS®
REALTORS®
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Realtor Only
Realtor Only
5 answer(s)
About 2 months ago
Patricia! Great question! The value of a garage apartment will generally be determined by the value of other sold properties with garage apartments in a given area. However, sometimes we have a unicorn and it may be tougher to decipher. The best plan of action in cases such as this would be to have the sellers bring in an actual Appraiser to give you an idea of the value you should give to the garage apartment on top of list price! If you need a great Appraiser, referral, feel free to reach out to me! Codysellsproperty@gmail.com 346-412-6603
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DislikeAbout 4 years ago
You should contact a local appraiser and ask your questions. It could build a good future relationship and help your career as well.
Thanks
Anthony Taylor Realty
832-819-4287
Thanks
Anthony Taylor Realty
832-819-4287
About 4 years ago
Appraisal looks garage if they built with right Property code,there is Window and air condition, if is not they don't appraise as extra room.you can ask more Appraisal people.
About 4 years ago
First, I’m not an appraiser. You need to call an appraiser to answer your question. In my experience as a Realtor if the apartment is built over the garage he generally will give you value based on how finished out it looks to the appraiser. He will also give you value for the garage. A garage conversion is a value of only one or the other. Also to value as a rental are garage rentals allowed in the neighborhood. Does the rental have a full kitchen and bath. Accessibility can play a role. Prepare to have permits available. Again when you want to know Appraise value that can only come from an appraiser other wise it’s just an opinion.
About 4 years ago
Unless the neighborhood has other comps with garage apartments it will be up to the appraiser. I always tell my clients you get one house and 10 different appraisers, you will get 10 different appraisal values on that one house". I would assume that they would consider the rental opportunities based off other rentals in the area. They may also look at other extensive upgrades like if other houses had a pool/pool house ect. and see approximately how much of a increase above other homes with traditional features that house(es) was valued and use that as a scope.
Hope this helps.
Eboni Taylor
Keller Williams Realty
832-453-7440
Hope this helps.
Eboni Taylor
Keller Williams Realty
832-453-7440
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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