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Why Valuing Barndominiums, Tiny Homes Needs the Cost Approach
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Whether you're valuing, insuring, underwriting or even simply buying and selling real estate, understanding the nuances of property valuation is crucial.
But why do homes have so many different values and what role does each value play in the grand scheme of things? From market value to insurable value to the cost approach, who you are and what type of value you’re looking for plays a pivotal role in how you consider property values.
But then there is the world of unconventional homes like barndominiums and tiny houses.
In this episode, host Maiclaire Bolton Smith and Ed Martinez, director of industry solutions at CoreLogic, discuss how a home's location, size and effective age make the cost approach an excellent benchmark when valuing these unique properties.
In This Episode:
2:12 – An explanation of why there are different values on the same property.
3:26 – What is the cost approach and why can’t all property valuations be uniform?
5:38 – How does the value of land factor into overall valuations?
6:58 – How do you influence the effective age of a structure? Is it really kitchen and bathroom remodels?
8:42 – Erika Stanley goes over the numbers in the housing market in The Sip.
10:05 – Why are barndominiums so popular right now?
12:27 – For non-traditional homes, why is the cost approach the most accurate method?
15:22 – How much of a cost savings do barndominiums offer, really?
18:12 – Erika Stanley reviews natural catastrophes and extreme weather events across the world.
19:22 – What are the most important factors when assessing the value of a home?
Links:
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