Clark Appraisal Services Inc. presents
Around the Neighborhood
By Charlie Clark
Licensed Appraiser
Lawton, Oklahoma
Drop Me a Line
When I say, "Drop me a line," I'm not just talking about fishing. The good folks here at Lawtoninfo.com have as part of this Web site, a Community Forum. (You just click on to the top of this page to find it.) Some of you already know about it. But, it gives you, the reader, a chance to ask about a particular subject. Then, I make a feeble attempt to answer it. Sometimes I actually may know the answer, but if I don't I know a lot of people smarter than me, so we'll give it our best shot.
The latest question has to do with person wanting to know if adding a storage building with electricity and insulation in their backyard will increase the value of their property.
Here's my reply to that one.
Fact is, such an addition may not add to your property value at all. The market value comes into play only when you go to sell or refinance. How old will the unit be & in what condition at that time -- two, or five or ten years from now. Value will also make a difference if such an improvement is or is not standard in the comparables that are chosen for the appraisal report. But, are you building a nice storage unit for market value or because this is what you need & will put to use in your long-term stay at the property?"
Hope that helps some more of you out there. Drop me a line anytime. |