Hi my dear forum folks,
I am seeking an answer as to whether a kit home with poorer quality materials built on a block of land in a nice upper quartile price range neighborhood ,(presuming council approval) would still be valued generously relative to the properties that match it’s features ie. a highly comparable 3 bedder or would it be deemed inferior? I ask this because it appears that the nature of valuations and appraisals in particular are very subjective and highly dependent on the market, not the inherent value of the property itself.
warmest regards and looking forward to discussing this further
YS
Valuations are the valuer’s (often conservative) opinion of the market value of the property.
All other things being equal, the valuer (and the market) would deem a poor quality kit home to be worth less than a better built property.
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http://www.depreciator.com.auWhen inspecting homes, i am often dismayed and put off at the owners lack of quality finnishings, its like they spent all their money, built the house then ran out of money in the end, leaving a second hand, roughly hand painted shabby kitchen and a half done bathroom with an old bathtub under the shower with shower curtain.
I shake my head, it may have cost additional $6-10k to finnish properly, now they are left trying to sell an overpriced house that no-one wants to buy, surrounded by lovely properties and new brick mansions etc.
[weird]
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