Home buyers are willing to pay more for extra features/improvements/upgrades (such as a pool, a new roof, a tennis court) …. But how do appraisers value those improvements? The answers may surprise you. They surprised all of the Realtors in our offices!
After surveying Appraisers in South Florida, Philip G. Spool, ASA (Appraiser and General Magistrate) presented his findings to our weekly office meeting at EWM Realty International. (First though, he had each of us (all Realtors) participate in that survey… and it was eye-opening)
So …. what contributory values do appraisers give for ‘improvements” like impact glass, a new roof, landscaping, a new pool?
Here are the answers … (**For properties in Coral Gables, Pinecrest, Palmetto Bay and the surrounding areas):
ITEM & VALUE:
Additional full bathroom: $10,000
Additional half bathroom: $5,000
Open pool & patio (original age): $15,000 – $25,000
Open pool & patio (relatively new): $20,000 – $30,000
Additional value for screen: Zero – $5,000
Additional value for heated: Zero – $5,000
Impact glass windows: $15,000 – $25,000
Stand alone generator: $5,000 – $15,000
1 car vs 2 car garage: $10,000
Carport (1 car): $5,000
Tennis court: Zero – $15,000 (average is $10,000)
Fireplace: Zero – $5,000
Located on a canal: $10,000 – $20,000
Located on a lake: $25,000 – $50,000
Landscaping: Average is Zero Dollars
Driveway: Average is Zero Dollars
Roofing: Average is Zero Dollars (but it is reflected in the the “condition” of the property)
If you’re considering buying, selling or relocating, contact the Restivo Hechtman Team at EWM Realty International … call us.
We will help make your next move, the best move!
Vicki Restivo & Alexandra Hechtman – Top Producing Miami Realtors – 305 793-1365 RestivoMiami@gmail.com
Philip G. Spool, ASA, is a State-Certified General in Florida, appraising over 36 years. Formerly the Chief Appraisal of Flagler Federal Savings and Loan Association, he has been self-employed for the past 17 years. In addition to appraising, he is an instructor with Miami-Dade College, teaching beginning and advanced residential appraisal classes as well as continuing education. He can be reached at pgspool@bellsouth.net or 305 235-2996. Phil Spool, ASA, was interviewed for this and other articles in MiamiRealEstateCafe by Vicki Restivo, Realtor, Esslinger Wooten Maxwell (EWM Realty International), whom you can contact here with any real estate related questions..
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