ADJUSTMENT TO SINGLE FAMILY HOMES:
$0-200,000 – the adjustment will likely start between $20.00 and $30.00 per foot
$200,000 to $400,000 – $30.00 to $50.00 per foot
$400,000 to $700,000 – $50.00 to $100.00 per foot
Over $700,000 the range is likely between $75.00 and $200.00
The adjustment is typically $3,000 to $4,000 for a full bath
$1500 to $2,000 for a half a bath.
This too depends on the value of the home and location. Typically for a suburban home the value of the garage is going to be approximately $4,000 to $5,000 per bay. Tandem bays are typically adjusted at half the value of full bays. In markets like Cherry Creek, Downtown and Capitol Hill were parking can be difficult, the bay adjustment is closer to $10,000 per bay.
The following are items that are in near every home but do not have a large impact. Items like central air conditioning, double pane windows, landscaping and decks/patios all add value, but they are items that can be changed after the home has been purchased. Windows add value but the addition is minimal as owners can replace one window at a time, over time.
Central Air: $1,000 to $2,000
Double Pane Windows: $1,000 to $3,000
Decks/Patios: $3,000 to $5,000
Basement and finished basement area also depends on the value of the home. Walkouts typically bring $3,000 to $10,000 depending on the overall value of the home. Most appraisers adjust $10.00 per foot plus an additional $10.00 per finished foot for homes under $200,000. The range is typically $12.00 and $12.00 for homes in the $200,000 to $350,000 range, and $15.00 to $25.00 for $350,000 and up.
Homes without basements can be penalized in the Denver metro area as basements are an expected amenity. The amount a home has to be discounted due to its lack of a basement is typically between $5,000 and $10,000. This premium is after the basement size and finished area have already been adjusted for. Condition and upgrades are typically the two largest adjustments and many appraisers simply combine them into one adjustment. The adjustment is typically not greater than 10%. Condition adjustments range from between $5,000 to $20,000 depending on the value of the home and condition of the exterior, roof, and other systems.
Upgrade adjustments range from $5,000 for a home with only superior flooring to $200,000 for a million dollar plus home that has been renovated in Cherry Hills or Denver Country Club.