Home Buying in San Francisco>Question Details

Gabe, Home Buyer in San Francisco, CA

How much do UNwarranted room and/or bathroom in the basement add to the value of a house? There are 2

Asked by Gabe, San Francisco, CA Tue Mar 4, 2008

identical houses in the same block. The one with unwarranted room and bathroom in the garage asks for $100K more. Do appraisers in SF count these?

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Gabe, first the appraiser should not add value or the SF into the property. Some do anyway but it shouldn't be done.
The question of the 100K difference is just the seller percieves there is increased value. If the houses are identical I'd buy the lower priced one and add the room and bath myself with permit. It should cost you less than 100K dollars.
Web Reference: http://www.jedlane.com
1 vote Thank Flag Link Wed Mar 5, 2008
Jed Lane, Real Estate Pro in San Francisco, CA
Zero, in fact they are a liability.
0 votes Thank Flag Link Wed Mar 5, 2008
What can you rent them for?
0 votes Thank Flag Link Tue Mar 4, 2008
I have sold and personally funded loans for homes in San Francisco that have unwarranted rooms in them. Unfortunately, these illegal add-ons, can't be included in the actual square footage and can't be used to raise value. However, an appraiser will note the fact that there is an unwarranted area, take photos and add it to his/her report. If an appraiser happens to add value anyway, it's ultimately up to the bank or lender to accept it. Good luck!
Web Reference: http://DontForgetDon.com
0 votes Thank Flag Link Tue Mar 4, 2008
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