HOMEOWNERS AND APPRAISERS STRUGGLE TO DETERMINE A VALUATION FOR BACKYARD COTTAGES
A well designed cottage sells for $529,000 for sale in Broadview
Real estate appraisers have struggled with how to value backyard cottages and other ADU's primarily because there simply not enough comparable sales to serve as a guide. This is changing. Margo Hanson, of Market Appraisals Inc., noted that she recently appraised a house plus DADU in Greenwood and was able to find 30 comparable sales. While not as common here as in Vancouver B.C., there has also been an increasing number of DADUs being built and sold condominium units. These sales will increase the data available for valuing backyard cottages. Ms. Hanson noted that at this time she is not allowed to use condominiums sales as comps for single family residences. Perhaps, as this type of ownership becomes more common here that will change.
This cottage will be open for viewing
Friday 9/6 from 4-6 pm.
Saturday 9/7 from 11-1 pm.
Sunday 9/8 from 2:30 -4 pm.