Bedroom Talk

I am building a house and want a lot of square footage, but will probably have to cut some corners.?

What specifically will add more value to an appraisal? Hand scrapped wood floors versus carpet? Chandeliers versus can lights? What do they look for? I need the appraisal to come in at least 20% over what I spend to build the house, so, if I have to leave some unfinished "attic space" should it be the 5th and 6th bedrooms? or the media room? I know appraisers work with comparable values in the area, but they vary widely in the town I am considering. So, what else would influence him to rate my new house higher than 30 year old farm houses in the same area?

Public Comments

1. What the heck is that question? It's too late for a question difficult like that. go to bed.
2. think nice and low maintenance -- wood floors usually win out over carpet. lighting is tough because peoples tastes vary greatly. you can always call in a few realtors to make suggestions on what to do -- they should know the market in your area and what sells and what doesn't.
3. Do you realize that every single room that has a closet in it can be appraised as a bedroom? I have a friend who lives in a mansion with 8 rooms, in addition to the living room, the dining room, the weight room, the library, all 10 bathrooms, the foyer, the office etc. All 8 of those rooms have freestanding wardrobes, but the appraisal came in way less than expected because the freestanding wardrobes are not considered to be closets, and thus those rooms are not considered bedrooms. Something to think about, to be sure. I'll bet if you put in some extra closets that your appraisal would come in somewhat higher. For example, remember that huge walkin closet off the master bedroom? What if you added a tiny *lockable* closet to that walkin and called that room the nursery? What about the huge room off the kitchen that would have been used as a butler's pantry in years gone by? Could you put in a tiny closet and call it the maid's quarters? Up the appraisal some more. The more bedrooms, the higher your appraisal, right? Nice bathrooms with lovely, high end fixtures appraise well, swimming pools don't.
4. work on the kitchen and the bathrooms . brass numbers and a brand new mail box are a nice touch.
5. I would suggest NOT cutting corners - especially if you're planning to live in this place.
6. Your best bet is going to be to talk with an appraiser directly. He is going to have to compare what you are building as compared to what other homes have sold for that are similar to what you are building. Then you have to compare that against your construction costs and see where you are.
7. Maybe I can help. Unless you live in an area that 5 or 6 bedrooms is the norm or you need the bedrooms then it would be over kill and all the bedroom would fall under the sf figure anyway so if you cab not give extra for more bedroom. A 2000 sf house with 4 bedrooms and a 2000 sf house with 3 bedroom will have the same value, they both are still 2000 sf, the bedroom are just smaller in the 4 bed. The last thing you want to do is over build for the neighborhood, because you will never get your money out of it. It would be like building a $1,000,000 house in the ghetto. Attic space unless it has a 6' 6" ceiling it will not be counted a GLA (Gross living area) Lenders request the comparables be within 2 miles they like 1 mile of the subject prop. The comparables must bracket the subject by SF, effective age, style and design. They want 1 comp larger in sf and one smaller in sf and one close, they also want the sf not to be more than 300 or less then 300 sf difference than the subject. Hand scrapped floors will not add any value unless that is the norm for the comparables and neighborhood, same with lighting, there is no place on the report form to adjust single items. It all would fall under quality of construction as a hole. A new house will be higher in value than a 30 year old farm house, unless the farm house has had major updating to bring up the effective age closer to the new house. I would make a very nice kitchen and nice baths, landscaping add very little value as long as it average.