Balcony size use in appraisals(?)

[Nir]

Hi Everyone,

The size of an apartment provided by the municipality assessment office does NOT include the balcony. Should the balcony be considered when estimating market value of an apartment. Even a small balcony is around 50 sq. ft. If a real estate agent assumes $400 per sq ft then adding 50sq ft. for the balcony can add $20,000 to the appraised value.

Do real estate agents consider the balcony`s size when multiplying apartment square footage by their estimated cost per sq. ft?

THANKS,
Neil

 

[margaretcowan]

Hi

No, as far as I remember from my appraisal courses years ago, the balcony is not included in the square footage of the apartment. The assessment office is right. They follow real estate appraisal principles.

Cheers, Margaret

QUOTE (investmart @ Mar 9 2008, 07:47 AM) Hi Everyone,

The size of an apartment provided by the municipality assessment office does NOT include the balcony. Should the balcony be considered when estimating market value of an apartment. Even a small balcony is around 50 sq. ft. If a real estate agent assumes $400 per sq ft then adding 50sq ft. for the balcony can add $20,000 to the appraised value.

Do real estate agents consider the balcony`s size when multiplying apartment square footage by their estimated cost per sq. ft?

THANKS,
Neil