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February 12, 2008
Appraisal for duplex with Rec Room
We have a 1277 sf apt. with
700 asf on the ground floor
and 500 asf in a windowed rec. room.
How are these types of units appraised, someone told me the below sf does not count?
Comments
It definately counts, just not on the overall pricing per square foot.
For example: If comps are selling for $500 per square foot than you would compare that price to the 700 liveable square feet you have ($350,000) Then some factor would be added for the additional rec room. Maybe 200 or 300 /sq foot or soemthing like that.
Posted by: newsouthsloper at February 12, 2008 12:06 PM
12:06 is correct for discounting.
Look at comps for similar units. Good broker or appraiser will know.
Also, do you have outdoor space? it also has value.
Posted by: guest at February 12, 2008 3:43 PM
How well is it finished? If it's nicely finished it might not be discounted much. The English basements in our neighborhood are starting to be gut-renovated very high-end by some homeowners into modern loft-style rec rooms with exposed ceilings and beautiful bathrooms. Rec rooms are appealing for people coming from apartments where they couldn't make much noise.
Posted by: guest at February 13, 2008 12:09 PM
K
How did this work out for you? I'm in a similar situation and am curious about the discount for rec room space vis a vis "livable" space.
Thanks,
Dan
Posted by: guest at June 25, 2008 10:39 AM
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