Questions about CMA adjustments

Q. How much is a garage worth in our market

A. Each property will vary, but a general adjustment would be $5,000 for a single car garage and $10,000 for a two car garage.

Q. Is there an adjustment for a busy road vs. subdivision streets

A. Yes. According to a local appraiser there can be as much as a $5,000 per lane deduction if it is a very busy road, but typically the adjustment will be between $5000-$10,000.

Q. Will adding a pool to our property increase the value and will we ever see our investment back?

A. A pool is a very unique situation because there is no middle ground. Some prospective buyers will like the feature and others will automatically rule your home out because of that pool. This will probably cut your potential buyers by 50%, but chances are there will be that buyer that loves it. The investment will probably never be recouped. Your investment in the pool will be for your enjoyment and just because you spent $25,000 on a pool, don’t expect the blue of your property to increase by $25,000.

Q. Is square footage really worth $100 per additional sq. ft?

A. No. Just because your house is bigger than your neighbors house by 300 square feet doesn’t mean your home is worth more by $30,000. I think anyone that thinks about this logically will see that 20 additional square feet can’t be worth a $100 bill per sq ft. An appraiser will give your property a packaged price and that can be valued per square foot, but additional square feet does have some value, but at a greatly reduced dollar amount. From what I have seen it is somewhere around 25%-30%.

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