Forum Header

Georgia Appraiser Forum

Provided by:   John M. Bryant, Inc., A Georgia Appraisal School

School Calendar | Phone Book | Appraisal Topics | Appraisal Questions | Other Topics

Forum Rules
Online Courses
Appraiser Search
MLS Analyzer


Register Calendar Latest Topics
 
 
 


Reply
  Author   Comment  
nogava

Avatar / Picture

Platinum Member
Registered:
Posts: 403
Reply with quote  #1 
Original improvements built in 1930.  Torn down to foundation last year and rebuilt as new construction from foundation up.  Going with C2 (refi) and low effective age.  All records reflect original structure.

But what are you disclosing for year built on page one?

May not matter since there is discussion about everything in the addendum, but curious what you would go with from a form filling standpoint.

__________________
OIIIIIIIO
0
Meatloaf

Avatar / Picture

Platinum Member
Registered:
Posts: 2,611
Reply with quote  #2 
The year built should reflect the age of the foundation.

I would go with 1930.

Sounds silly but think of it this way.

Would you totally gut and spend billions on a skyscraper that was sitting on a 100 year old foundation?  No, you would start fresh.  Why do people do that with houses?  The foundation isn't likely to last as long as the expected life of a house built new today..... So in about 20-30 years it will likely start to fail structurally.

__________________
The AMC is my B!TCH!
0
RubberStamp

Platinum Member
Registered:
Posts: 2,304
Reply with quote  #3 
Quote:
Originally Posted by Meatloaf
The year built should reflect the age of the foundation.

I would go with 1930.

Sounds silly but think of it this way.

Would you totally gut and spend billions on a skyscraper that was sitting on a 100 year old foundation?  No, you would start fresh.  Why do people do that with houses?  The foundation isn't likely to last as long as the expected life of a house built new today..... So in about 20-30 years it will likely start to fail structurally.


Was thinking the same.  Why in the world would you keep the old foundation it is just lazy.  If you are going to tear down..  tear it down.  Although there might have been some kind of weird stips if it was in a historic area or something where maybe you could grandfather something?

__________________
We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
0
BillDing

Avatar / Picture

Platinum Member
Registered:
Posts: 1,611
Reply with quote  #4 

My guess is that it's a tax savings or maybe even a code issue where upon 100% rebuild, they would have to change something...setback, garage or house limitation, etc.  

To save what..$7k to pour a new foundation in lieu of owning a new construction home?  Just stupid.


__________________
****I'm sorry, if you were right, I'd agree with you***
0
MikePower

Avatar / Picture

Platinum Member
Registered:
Posts: 2,286
Reply with quote  #5 
Typically, they keep the same foot print, then do an addition, including going up, by reinforcing the original foundation.

Allows the builder/investor to save a ton of time and money in regards to permitting and approval process, especially in the City.

Mike P.
0
nogava

Avatar / Picture

Platinum Member
Registered:
Posts: 403
Reply with quote  #6 
That's about what they did.  The property is in downtown Canton, and the setbacks are next to nothing on that street.
__________________
OIIIIIIIO
0
JC325

Avatar / Picture

Platinum Member
Registered:
Posts: 74
Reply with quote  #7 
I think I remember appraising and architects home once ITP either Decatur or nicer area of ATL IIRC the lady stated as long as they did not alter the original foundation it would not be considered new construction and would be much easier to get all the permits and approvals. So they just used the existing foundation and started over. 
0
moneyman

Avatar / Picture

Platinum Member
Registered:
Posts: 4,095
Reply with quote  #8 
Yup, go look down on Virginia Highlands at all the 3 story homes......that are built in 1900-1940....

You can go UP but you cant go OUT....

Plus if your house had a garage pad...you are GOLDEN, as they were not allowing new ones to be built..

Well...that was what I remember from the 2000-2010 era before I left GA.  

-MM
0
Previous Topic | Next Topic
Print
Reply

Quick Navigation:

Easily create a Forum Website with Website Toolbox.

Appraisal Topics | Appraisal Questions | Other Topics