Do Appraisers Use Price Per Square Foot

Homes in high-priced or hard-to-locate areas cost up to $400 per square foot. The appraisal district is a political subdivision of the State of Texas. $75 per square foot; $5 per square yard) Compare to similar size and type projects of recent vintage. The Montreal-based company filed preliminary plans this past summer for a development at 1966 Roger Stevens Dr. Home Plans Between 1700 and 1800 Square Feet 1700 to 1800 square foot house plans are an excellent choice for those seeking a medium size house. The first valuation method is “price per square foot. Operating Cost per Square foot per year = 58,000 24,000 = $2. Installation costs usually average $7. At least one field is required for the basic search, not all fields must be filled in. Engineered wood costs approximately 10 percent to 15 percent more than solid hardwood. Note, there are wide differences in cost depending on location, and New York City tops the chart at $232. Manhattan kitchens generally range from 30 to 50-square feet, while suburban ones go from 50-square-feet on up, Metzler explains. Shopping online shouldn't cost you peace of mind. If you multiply the price per square foot of the larger home by your own square footage then your home will be under estimated. 50 per square foot for the tile multiplied by 250 square feet, which equals $375. 75 per square foot to have plain concrete poured. Determine if the land being offered is over, under or within the price range of the land of interest. The cost of appraisals vary widely depending on how much work the appraiser has to do. However, general contractors use "unit pricing" (e. Spraying: 1 gallon per 150-200 square feet. 00 per hour $1. If the actual market value of a property is lower than the sales price and if the buyer defaults on the mortgage, the lender won't be able to sell the property for enough money to cover the loan. The national average cost for all unit sizes is $88. To calculate the rental price per square foot, divide the rental price by the total square footage of the unit. Calculate the price per square foot of comparable real estate to estimate appraised values, if applicable. Post frame builds do not have a foundation. For municipal tax purposes, the assessment appraiser disregarded the highest and best use of the property because the Assessment Act demands that the main generating building be valued at $8. $15 to $25 per square foot. What I really wanted was to jump on Google and find an accurate pole barn cost estimator, or even just type in “How much does a pole barn cost per square foot. Marshall & Swift provide “square foot” and “unit count” building cost estimation guides. Use the sale price and square footage information to arrive at an average price per square foot for the homes. But, for selling a house the house (if you ever do) you may have to separate the basement square footage from the rest of the house. So we just want to know what the price is going to be per square foot for construction and labor, beginning to end. The above figures place this construction at a $117 per square foot cost, though national average stands at $125. Mineral fiber shown: TinTile No. Whenever appraisers calculate the price per square foot of comparables sales they do not include the basement areas for the reasons I noted above. Then, multiply the cross-sectional area times the unit price to obtain the value. This is why price per square foot is not a good value indicator. If comparable sales involve similar sized homes, of similar age, on similar lots, then a "price per square foot analysis" works. Real estate agents sometimes use square footage as a rule of thumb for appraising a property. So we just want to know what the price is going to be per square foot for construction and labor, beginning to end. (2018) (2018) The national average cost per square foot is $0. The following tool estimates the total number of tiles necessary to cover a floor, roof, wall, or any other surface. 1 ft2 = 144 in2. Conversion between cubic feet and square feet. AppraisalPort simplifies the ordering, delivery, uploading, communication, and automated reviewing of residential appraisals. TAD is responsible for property tax appraisal and exemption administration for over seventy jurisdictions within Tarrant County. There are multiple obvious reasons why and a number of variables that will be unique to each situation. If you do not want your e-mail address. Appraisers: Sometimes appraisers mock price per sq ft and treat it like a meaningless metric, but there. 00002295684 or divide by 43560. 8 acres per tank = 96. These values may be somewhat close together in a new neighborhood of very similar homes but may be dramatically far apart in an area of older homes, or homes that are different ages, sizes and styles. DPOR Boards only accept the most recent versions of the applications provided below. This price does not reflect any solar incentives. At $400 per square foot, his 77,580-square-foot property. These days, many MLS systems use a square footage range. 400 to 450 square feet. A 3-inch depth measurement is. What I usually see is that they start with the average $/sq. The materials for a 40 by 60 foot building range between $15,000 and $25,000. be used to value any and all types of land. Must use the space for Certification Number. Appraisals are meant to be supported by research, proper methodology and thoughtful analysis. Virginia Beach Property Search. , just off Highway 416. A board foot is actually a measure of volume. Cost To Paint A Room – Estimate Painting Cost Per Square Foot The average cost to paint a room is $450-650 for a 10×12 space, when you hire a professional contractor. Sometimes a contractor will use a complete sf price for a roof or deck, but the insurance company is requesting the estimate be broken down per line item. For instance, if a house with 2,000 square feet sells for $180,000, the cost per square foot is $90 per square foot. APPRAISAL MINIMUM STANDARDS. A nearby two-bedroom, 1,000 square-foot unit is renting for $1,250 per month. Specifically, the CV using Max FAR is 0. 00 per square foot. Where do these numbers come from? We've read the internal floor area from floorplans for over 18,000 properties for sale in London*. The dwelling is a rectangle measuring 50 feet wide by 33. Enter measurements in US or metric units. How much an asphalt driveway should cost. VA Appraisal Fee Schedules and Timeliness Requirements. That number is down from previous years when businesses average 225 sf per person. For a square meter price of $14. For example, in my area the average replacement cost is around $175-$200 per square foot. According to an article published by Kiplinger, the average cost to rebuild is $200 to $250 per square foot. , just off Highway 416. PVC: At just a couple of ounces per square foot, these 2-by-2-foot molded-plastic panels weigh next to nothing. per person Quiet Room Allow 1-100 sq. Based upon the above sample barn prices, average square foot costs can range from $9 per sq ft for a smaller 1200SF barn to $7/sq ft for a larger 14-stall barn. Q: Why is below grade area not included in square footage calculation on an appraisal? This practice makes it difficult to get full value when selling a bi-level/tri-level home with fully finished. At the time of publication, the median price-per-square foot of homes in the United States is $118, though large variations exist among states and neighborhoods. The agency also revised its policy on the age of comparable sales selected by appraisers. During March 2019 - June 2019, most building materials have stayed at the same price except steel which have had an 8% increase in price. Appraisers This chapter describes the requirements that must be followed in appraising property for VA loan guaranty purposes. There are however vastly different concepts between how realtors market properties and how appraisers observe market behavior. Realtors and buyers often rely on a "Price Per Square Foot" analysis, but appraisers often cannot for a variety of reasons. How to Calculate Cost Per Square Foot. List the price per square foot of gross living area. For example, if a 2,800 square foot home sold one month ago for $200,000 then the price per square foot is $71. ” The formula for price per square foot is the cost of the property divided by the number of square feet. Again open areas are included in GLA defined by Fannie Mae, but are not included as determined in GLA as defined by ANSI standards. Unsurprisingly, 19 of the top 20 most expensive local authority areas are in London, with Kensington and Chelsea, the City of London, Westminster and Camden topping the list. 62% deduction for being near the pipeline. *Square Inches is also known as (a. With labor, you might pay closer to $100 to $130 per square foot. The appraisal came in 30 square feet less than the seller's appraisal. More expensive and covetable materials like marble typically cost $30 per square foot and higher. If comparable sales involve similar sized homes, of similar age, on similar lots, then a "price per square foot analysis" works. The square foot is a US customary and imperial unit of area. the additional amount received as compensation (point or reward) for use of an investor's capital until it is recaptured. Log siding installation cost ranges from about $200 to $400 per square. reported prices paid to landowners for standing timber. Window replacement is not minor maintenance or repair. 00 per square foot (4 inch reinforced slab on grade) We charge fairly but always enough to do the job right the first time! Reported by: Aaron Wayman, White Diamond Concrete See the Layton Concrete Cost Report. DPOR Boards are not responsible for processing delays associated with forms that do not conform to this requirement. The Use of Gross versus Net Area in Appraisals by Administrator on Feb 1, 2009 • General Appraisal • 3676 Views Appraisers try to compare properties using uniform measurements, and area is an important physical characteristic of a property compared when land or buildings are analyzed. Use our free square foot calculator to help take the guesswork out of measuring the square footage of a room, garden area, or any other space. To find the price per square foot, multiply the size of the unit (10×10=100) to find the total square footage. Those price quotes are typically not for a finished home. I would begin by finding similar properties in this particular market; extract the ESTIMATE of land value by adjusting the comparable properties for differences (location, condition, amenities, etc. Finally, there’s value per unit (or “per apartment” or “per door”). Calculate square feet, meters, yards and acres for flooring, carpet, or tiling projects. Don't skimp on your cleaning chemicals to the point of a lousy job, but don't be wasteful either. Quantity in board feet / Price per board foot (about board feet) Click HERE for Milling options and pricing. Doing the math, 400 square feet times 1. This helps you speak the language appraisers use, and your initial research with price per sq ft vs. The appraisers engaged as expert witnesses for the other side used generic metalindustrial comparables from the immediate area and appraised the automobile servicegarage at issue (the "Subject Property") by applying rent per square foot and sale priceper square foot analysis. Again open areas are included in GLA defined by Fannie Mae, but are not included as determined in GLA as defined by ANSI standards. Next, divide 30,000 square feet by 120 square feet per ton, which gives you 250 tons. 8 pounds of compound. The taxing appraiser also had to describe why the cost approach was altered to conform to the rules under the Assessment Act. Check out the average prices-per-square-foot of houses sold in the prior two months in the same zip code. You can then take the square footage of your home and multiply it by the $71. You'll want to take the selling price and divide by the square footage to find the price-per-square-foot. Rentable space with the load factor is the price you want to know because that is what you will be paying for. ) x Note: Base Rate per Square Foot for the Building: The Base Rate per Square Foot is calculated by the system using the corresponding Base Model Rate table. Cost analysis can start with a simple estimate using current local building costs; local builders can probably provide a generalized per-square-foot cost of new construction. This gives you a price per square foot. Appraisers aren't trying to rip you off or anything; they're just following the law. This article has been updated. I wish I could give an exact answer, but the most honest response is that there is no end-all solution other than to research sales in the neighborhood. $2 per square foot, up to about $5 per square foot for unfinished domestic hardwoods. How To Calculate Price Per Square Foot Commercial Lease August 15, 2017 by Nathan Smith Depending on the city you are in and type of commercial lease (e. Common Errors In Calculating Price Per Square Foot. Then, multiply the cross-sectional area times the unit price to obtain the value. Even when a house is relatively easy to measure (for example, a rectangular, single-story house without a garage), it can be tedious and pretty easy to get your numbers mixed up. If the actual market value of a property is lower than the sales price and if the buyer defaults on the mortgage, the lender won't be able to sell the property for enough money to cover the loan. As a part of your research, you probably also came across some other valuation metrics, such as a price per unit for a multi-family property or a price per square foot for a leased property such. Concrete, on the other hand, can run between $4. This does not mean the area is not being given value. For example, if you are placing 6" of aggregate base, the thickness would be converted to: 6" ÷ 12"/foot = 0. Stripe is a suite of payment APIs that powers commerce for online businesses of all sizes, including fraud prevention, and subscription management. Simply put, no one is forced to buy a home they do not want. You may wish to, for an example, prepare the surface with an hourly price and bid the actual painting by square foot. Below you will find 16 reasons why appraisals can come in low and 12 things you can do about it. How do we express the area. If you're hoping to buy a house, you'll want to know the average price per square foot for a home in the area you're looking at. NAHB builders have been reporting increases in the cost of lumber since 2012. How to abbreviate Square Feet? The most popular abbreviation for Square Feet is: sq ft. TAD is responsible for property tax appraisal and exemption administration for over seventy jurisdictions within Tarrant County. An appraiser will not adjust price per sqft. Maybe you can't do anything about the Day-Glo green house next door or the plunging real estate market, but you can show off the love and care you've put into your home sweet home over the years. he appraiser determines an appropriatedollar amount of adjustment for each unit differenceto be $50 per square foot. Red oak prices are used for black oak, and white oak prices are used for chestnut oak. 8 squares to square foot = 800 square foot. For estimating cost, this is always accepted. So as long as you know your home's square footage, you can do this calculation for yourself. How to Protest Your Property Value at Travis County Appraisal District. If something is 6 linear feet tall, it is 6 feet tall. Use this Interior Painting Cost Calculator to estimate your total price to paint a single room of any size. Approaches to value – construction costs Scott Andrew. For a contractor to use a home addition calculator would be like a real estate appraiser using the market value of a home found in Zillow. Browse photos, see new properties, get open house info, and research neighborhoods on Trulia. Most general contractors estimate jobs based on a price per square foot. Enter measurements in US or metric units. In general, you’ll save up to 15% a year on your energy bill if older double-pane windows in a 2,600-square-foot house are replaced with energy-efficient windows with low-E coatings, according to the Efficient Windows Collaborative, a coalition of government agencies, research organizations, and manufacturers that promotes efficient window. For example, $250 per month / 700 square feet = $0. "Price per square foot is a lazy way that people who don't understand real estate came up with to quickly find a price for a home. Apply prices on comparable homes to the appraised value of the target property. AppraisalPort simplifies the ordering, delivery, uploading, communication, and automated reviewing of residential appraisals. The GLA is what appraisers use when arriving at a price per square foot in their appraisal reports. Legal Disclaimer. 73% lower than in United States (average data for all cities). Mineral fiber shown: TinTile No. Price per Gross Living Area (P/GLA) o Also called Price per Square Foot. 130,000 square feet of land is equivalent to approximately 2. Dustin Harris is an appraiser who was once working 60+ hours per week and making about $75,000 per year. It's good at cutting through a lot of variations in apartments but it can also mask variations and should be taken with a grain of salt," says Jonathan Miller, president of real estate appraisal firm Miller Samuel. The adjusted comparable sold prices are in the next to the last row, broken down into dollars per square foot below that. Directions: Enter any combination of feet and/or inches into the calculator below. Properly administered, the development, construction, and use of a CAMA system results in a valuation system characterized by accuracy, uniformity, equity, reliability, and low per-parcel costs. Since appraisers do not get in to inspect the interior of the comparables they can not determine open area from non-open area. For a square meter price of $14. Finally, there’s value per unit (or “per apartment” or “per door”). The acre is a unit of land area used in the imperial and US customary systems. What I usually see is that they start with the average $/sq. In many states, appraisers are required to be licensed. The VA appraisal is an assessment of the property’s value and condition by an independent VA appraiser. The average price per square foot is approximately $111-$127. 00 per square installed. What is cost per square foot? $80,000 ÷ 180,000 SF = $0. For example, if a room has 1,000 square feet, you would require 20,000 BTUs to heat it. As a licensed appraiser, I use the years of experience to determine pricing. Here are some of the key things to considered when attempting to value a property based on price per square foot. Comparing Square vs PayPal, Square offers better-integrated payment tools than PayPal, but PayPal pulls ahead in ecommerce payments, and online invoicing features are tied. What Is A Broker Price Opinion? It requires the verification of square footage, room count. Now, it's easy to compare the prices of two differently sized homes and see which one costs more per square foot. 46 per acre C. Most general contractors estimate jobs based on a price per square foot. But wait a minute… look at the price per square foot values. The house sales averaged $161. If agents can calculate the price per square foot the same way as appraisers then their results will be more similar to that of the appraiser and this will help contribute to the agent's results being more similar to that of the appraiser. I sold RE before becoming an appraiser. While cost and price can affect value, they do not Appraisals use three basic approaches to determine a property's value. This works out to be between $3. Probably not; since then there’s been appreciation in home prices, but not artificial inflation resulting from a pervasive perception of exponentially increasing value. By Thomas Hardwick. Investment Property Info is the perfect source to do the opposite of just that. appraiser, realtor, and real estate attorney. Construction projects with more complex conditions, special details and premium materials selections can push the cost per square foot to the range about $250 per square foot. com, Appraisal tip #2 for real estate agents. Calculating Price Per Square Foot in a Commercial Lease. Cost per SF is the unit price per SF of finished space – a project's actual total construction cost divided by total square footage. You may also price the job based on a price per square foot of the Basic Room Total Square Footage. Don’t over plant. For instance, an 1100 square foot 4-bedroom house might not sell for more than a 1100 square foot 3-bedroom house because the 4-bedroom house probably has a tiny Living Room. 5 tons of air conditioning—but getting the tonnage exactly right is essential. , cost per lineal foot of cabinetry) to estimate a project's cost before it is designed. You may also price the job based on a price per square foot of the Basic Room Total Square Footage. Calculate the price per square foot of comparable real estate to estimate appraised values, if applicable. However, in the case of high-rise buildings, prices were decreased insignificantly. This is an indication of value. Median Rent List Price Per Sq Ft ($): Median of the rental price per square foot of homes listed for rent on Zillow in a given region. Robin Converse 12. Asphalt costs on average between $100 and $150 per square. It uses three detection modes to easily activate the sprinkler only during the day, night or 24/7. The rule does not apply to minor maintenance or repair activities where less than six square feet of lead-based paint is disturbed in a room or where less then 20 square feet of lead-based paint is disturbed on the exterior. And though buyers rely on it to an extent, most buyers don't arrive at a price or purchase decision that way. Compute the GLA (Gross Living Area) for home (width multiplied by length) and multiply by appropriate rate per square foot from the square foot costs table. I use an adjustment per square foot, which varies according to the price range, rounded to nearest $500, with no adjustment for anything under $500. Calculate square feet, meters, yards and acres for flooring, carpet, or tiling projects. At the time of publication, the median price-per-square foot of homes in the United States is $118, though large variations exist among states and neighborhoods. Here is a look at the same data but comparing it to site area or lot size. One of the great myths of early childhood education is the standard of 35 square foot of classroom space per child for the design of child care classrooms. 250 to 300 square feet. If you are financing your new construction project, your lender will need to order an appraisal of the property. 5 tons of air conditioning—but getting the tonnage exactly right is essential. 43 acre lot may not be worth more than the same house on a 0. You need to know not only how much space you will be using and the rent for that space, but also the total size of the property, how much common area space the property has and the rent the landlord charges for common areas. Retail Formulas are mostly used by retail employees, retail managers, retail buyers and other retail business related individuals. The price for a home extension depends on several factors. Homes in high-priced or hard-to-locate areas cost up to $400 per square foot. In residential appraisals, the price per square foot of living area and the price for the entire property are commonly used units of comparison. The current property comps are about $153 per foot. We help growing businesses win at finding their next office space, providing flexibility, transparency, and a stress-free process along the way. The use of mass appraisal is contingent upon the homogeneity and frequency of similar property occurrences, not solely the property type. The only way to make sure you are comparing contractor estimates on a level playing field is to compare on a dollar-per-square-foot basis. To estimate costs for your project: 1. Since many retail & commercial buildings require additional finishing like insulation or façade customization, the cost may rise to $30 or $40 per square foot (SF). To do this, take the total cost of your project, as outlined by your builder, and divide this number by the total number of square feet in your project. Average national cost for a basic free-floating slab is about $4 per square foot, and if outer stem wall foundations are used, the price rises to about $5 per square foot. Convert back from square meter cost to square foot cost by multiplying the square meter cost by 0. In addition, a minimum of one off-street parking space accessory apartments must be located within the primary dwelling and are allowed on lots that are at least 10,000 square feet. ) Some consider detached garages as part of the main house and do not charge for them. 6- Architectural façade treatment – The appearance of a parking structure is important to the surrounding environment. Buying in larger volumes can greatly reduce your per job chemical costs. Price per square foot is a unit value indicator that can be used to extrapolate the overall value of home. For complete instruction on the use of the cost guide, turn to page 5A in the front of the cost guide. The average electricity use per square foot remained about the same since 2003, but decreased for natural gas. List the price per square foot of gross living area. Appraisers all swear up-and-down that they do not compare price per foot of one home versus another when appraising a property. Extra seeds can be stored for two or more years. This yields the price per square foot, and can be useful way to make sure you aren’t being charged more than you should for a larger-sized units. 75 pounds per acre x 25. The square foot is a unit of area used in the imperial and U. The challenge with price-per-square-foot (PPSF) analyses when pricing a home is that to achieve accurate results, you must follow fundamental guidelines. When you view a condo, you should get a fact sheet that lists both square footage and your monthly condo fees. Appraisers first assign a value to the lot or site on which the home is situated. Based upon the above sample barn prices, average square foot costs can range from $9 per sq ft for a smaller 1200SF barn to $7/sq ft for a larger 14-stall barn. For example, a 2,500-square-foot house that sold for $400,000 is $160 per square foot. This pricing structure assumes that carpenters, masons and excavators charge an average of $70 per hour , electricians between $65 to $85 per hour , painters between $20 and $35 per hour and plumbers between $45 and $65 per hour. The price range must reflect high and low prevailing prices for the property type being appraised. The appraisers engaged as expert witnesses for the other side used generic metalindustrial comparables from the immediate area and appraised the automobile servicegarage at issue (the "Subject Property") by applying rent per square foot and sale priceper square foot analysis. Let’s figure materials first. 9,000 BTUs per hour. The following shape formulas can be used to calculate the nominal weights for various carbon steel shapes. The "slope" of the regression line, 147, measures the unit price value, i. Also what square footage should be used for price per square feet when there is a mezzanine. Extra seeds can be stored for two or more years. Cost from square foot price with measurements. 6- Architectural façade treatment – The appearance of a parking structure is important to the surrounding environment. The Montreal-based company filed preliminary plans this past summer for a development at 1966 Roger Stevens Dr. We get questions all the time about what appraisers are looking for and how in the world they can appraise a house before it is even built. FHA 4200 Effective Date of Appraisal must. It is most commonly used in the surveying profession for day to day legal documents such as land deeds, mortgage surveys, town planning,. 43 acre lot may not be worth more than the same house on a 0. Here's why. The site provides a great deal of data, including key information (price, bedrooms, baths, square footage, lot size, year built) as well as price per square foot of. The purpose of this Lender Letter is to provide clarifications and additional information regarding Fannie Mae's valuation-related tools and policy updates announced within the past 12 to 18 months. Artificial grass comes with a big upfront cost -- $5 to $20 per square foot, installed. For a basic project in zip code 47474 with 120 square feet, the cost to Install Stone Veneer starts at $11. PayPal’s 2. For example, a small gutter overhang between two residential houses is unlikely to have any impact on the use of the burdened house, so has minimal value. While land is the ultimate store of value in real estate, a 3,000-square-foot house on a 0. You may wish to, for an example, prepare the surface with an hourly price and bid the actual painting by square foot. Enter measurements in US or metric units. Appraisal Tools, Processes, and Policies. The price per square foot can be calculated from that if desired: If you’re happy displaying the price per box/quantity, you can leave the price as is. An appraiser also must choose two comparable properties that have sold within 60 days and one within six months of the appraisal date. Formulas & Data SHAPE WEIGHT FORMULAS. 3 squares to square foot = 300 square foot. That means rent is fifty-two dollars per square foot per year (or $4. 97 per square foot. Except for unique properties, individual analyses and appraisals of properties are not practical for ad valorem tax purposes. Most painters will charge between $1. I use an adjustment per square foot, which varies according to the price range, rounded to nearest $500, with no adjustment for anything under $500. For example, if you are putting up 1,600 square feet of drywall, you would need: 1,600 x 0. This is how much NYC neighborhoods get per square foot crunched the data for the majority of New York City's enclaves to determine the priciest areas based on the median price per square. ), delivery, foundation and the cost of construction. net or call 954. 16 Reasons for Low Appraisals MARKET CONDITIONS. In California there are all pretty much cookie cutter houses but have different "per square footage prices". Expressed in terms of square feet, spray foam installation cost is $1. California Asphalt Professionals uses the same asphalt mix and preparation for commercial parking lots and residential driveways at a cost of $5 per square foot, which includes removal of existing paving and preparing the surface. So if you have an average house that is 1500 sq feet, you would probably be looking at $300,000 in coverage. and can be greatly influenced by remodeling, quality of construction, views and location. — 1-800-ALAMODE 112 Courtney Drive. The price per square foot of framing and trusses increased from $11 per square foot in 2011 to $16 per square foot in 2013 to $17 per square foot in 2015. 72 a square foot, with an average cost of $2. For the purposes of budgeting early on in the process, you don’t necessarily need to know the exact size of the office space you need. Try to use a system such as the 5 th, 9 th, and 13 th ears from one end of the row. Appraisers have known for years that the size of a building impacts the price per square foot. How much formulation do you need to make a tankful of spray? Hint: Your sprayer holds 10 gallons, which is 40 quarts, and 64 tablespoons = 1 quart. Most real estate appraisers measure the exterior of the home to calculate the gross living area. You also need to consider the location and condition of the property in comparison to other homes that have sold in the neighborhood or area. Collateral Underwriter and price per sq. Calculate project cost based on price per square foot, square yard or square meter. 291, while the metric using PSF of Land Area is 0. Appraisers consider many factors about the home and the property it sits on in determining the value of the real estate. Also a basement finish adjustment per square foot is available if needed. I would begin by finding similar properties in this particular market; extract the ESTIMATE of land value by adjusting the comparable properties for differences (location, condition, amenities, etc. , and intended use. We understand the demand for support today's appraiser needs by fully documenting the appraiser's workfile for each and every report completed with Appraiser Genie. In just a short time, he transformed that appraisal business into a super successful appraisal firm making well over $500,000 a year. For our purposes, we will assume that the subject rental income property has a total 4,200 square feet and building costs are $60. 9% more,$13. be used to value any and all types of land. ) Some consider detached garages as part of the main house and do not charge for them. The "slope" of the regression line, 147, measures the unit price value, i.