Appraisers make adjustments to comparables to account for differences between properties. Adjustments reflect the incremental value buyers are willing to pay for specific features.
📣📣📣Adjustments are MARKET SPECIFIC!!! There is NOT a one-size fits all dollar value for certain features. Also, keep in mind a “market” is not only defined by location. 📣📣📣
The dollar amount is based on the value of that feature to the buyers in that specific market. Some markets value certain features more than other markets.
Also, the cost of the feature often does not equal the value of the adjustment. For example, a pool may cost $75k but the value added may be much less.
⚠Be cautious of cheat sheets that specific values for certain features. Appraisers very carefully analyze each market to determine the impact of specific features. ⚠