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Does Accessible design add to value of home

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    #16
    Originally posted by Oldtimer View Post
    I guess I'm not sure why you want an appraisal because if everything you did is going to add value to the house (which it should) then your tax base will go up. In reality, anything is only worth as much or as little as one is willing to give. I, for my personal self would rather want to see lower appraisal.
    The appraisal is probably necessary for the refi. I hope the OP was able to get a high enough value for the loan to move forward. It's disheartening to not have enough equity to refinance mortgage debt and take advantage of lower interest rates.

    In my area, appraisals are not linked to property tax assessments. And tax assessments, which are performed every 8 years, are only loosely coupled to any semblance of actual value.
    Daniel

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      #17
      Originally posted by dan_nc View Post
      The appraisal is probably necessary for the refi. I hope the OP was able to get a high enough value for the loan to move forward. It's disheartening to not have enough equity to refinance mortgage debt and take advantage of lower interest rates.

      In my area, appraisals are not linked to property tax assessments. And tax assessments, which are performed every 8 years, are only loosely coupled to any semblance of actual value.
      Yes, that would make sense. Assessments are done here on an annual basis and any investment over $100. could be considered an improvment which raises the tax base. The assessments are suppose to be within 95% of actual value at all times.

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        #18
        We got the house appraised to refinance. Since David got MS I have basically ran up two credit cards rather high due to the remodeling, and also got a second mortgage and bought a handicap van, etc. etc. Anyway, when we purchased our home 16 years ago we bought it for 69K David and I have done several things to it and the taxes had it valued at 176K....the appraisal came back at 158K so...yes, that's more than enough to cover all of the debt and lump it in to the new mortgage at a much lower rate (4.125%) plus I dropped the loan to a 15 yr. instead of our 30 yr. loan, needless to say I can breath now. End up saving over $1000 a month and don't have to eat peanut butter or hotdogs every night. For the record, the appraisal did not mention one thing about it being accessible, no picture of the elevator, nothing. I guess I was just panicing when the appraiser was here but I still strongly believe accessible design should be a major plus! --Lisa

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          #19
          Sometimes I search real estate at realtor.com and you can extend the search from just price and location to lots of other amenities one of which is "disability features" - certainly, if you need these features the house will be way more appealing to you and you may be willing to pay more. If you live in an area considered desirable by chair users I would think you could try to market your house 1st to the disability population before perhaps putting it on the general market where you would get less. We, for example, have dropped our cabinets and countertops - a big plus to some chair users but a negative to the able bodied population.

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            #20
            There is a major push for "Universal" design for accessibility in Schools of Architecture, probably as a response to the baby boomer generation reaching the age when accessibility issues become more important. IMO homes without barriers will become more desirable to a wider range of people in the future.

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              #21
              Lisa, what great news!

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                #22
                My old house is perfect for AB's and wc people. It is all about space. AB's and wc people like space. All the doors are large and lg bathroom. I took down the living room wall to the kitchen so when you come into the front door everyone says WOW I love the open space. The kitchen was very large that I put in a long and low island with a stove top because a regular stove was to high for me. I have a regular stove so now I have 8 burners which is great for people that love to cook and have big Thanksgiving and Christmas dinners. One bedroom was made into a washroom with washing machine and drier and a regular table for folding and a nice space to hang cloths. I still have three bedrooms. The middle bedroom is smaller but has patio doors that opens out into a 16 by 30 foot deck.
                So, like you found out, your house works for a variety of people.
                Mary
                I want to Rock you Gypsy soul and together we will flow into the Mystic.
                Van Morrison

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                  #23
                  Thanks for the info!!!

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                    #24
                    Does accessibility add value? No, not always.

                    Originally posted by MSWIFE1 View Post
                    Just wondering...since David got MS 4 years ago I have completely remodeled our home (mostly by myself). 36 in. doorways, solid hardwood floors, ceramic tile floors, 5x5 roll in tile shower with a vertical spa, automatic door openers, etc. etc. Anyway, with all of this and his meds, etc. I have accumulated a great deal of debt so we are in the process of refinancing our home to group all of our bills together, lower interest rates and be able to survive thru the trying time. Well, the bank sent out an appraiser and he appraised the inside (at my request) and the outside. While he was here, I was explaining all that I had done to make the house accessible and he basically just snarled up his nose and said "that doesn't really matter, I'll put it in the report, but its not going to add to the value" Has anyone else ever dealt with this? I worked my a** off to get the house perfect for David and I truly believe every house should be accessible but...it doesn't make it worth anymore??? Just wondering.
                    Sorry, but despite your investment, it does not always result in dollar for dollar return.
                    It may however, raise the basis.

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                      #25
                      Price is only an issue in absence of value. In other words, yes, a standard real-estate appraisal may not yield you the number (price) that you would like to sell your home for but the value of it (what someone is willing to pay) is not something objective but subjective. If you found one buyer who did recognize all of the work you put into it then you'd probably get an asking price closer to your sale price. The trick is finding the right buyer not worrying what the appraiser, realtor or tax assessor says your home is worth. It's worth what someone is willing to pay.

                      Good luck, onward and upward!

                      Chris

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