Today I was asked to look at a property that had been tenant occupied until Sept. 1st. The tenant had lived there for a year and planned on buying the home. Apparently, this individual was so excited to make the house her own that she began to renovate it, before she even owned it. She wanted to customize it to her family and their needs. Well, let me be the first to tell you that I just don't understand what her family's needs were. She removed stairs and replaced them with other stairs that just didn't make sense. She tore out the kitchen upstairs and decided to install one downstairs. She cut-up rooms that once were acceptable as bedrooms and turned them into dens, at best. She tore down fences and cut down trees. She changed closets into strange bathrooms..........and more.
As if that wasn't enough, she never bothered to share her activities with the current owner..........she never even bothered to get permission. Uh oh...............
My dilemma is how in the world to set a market value for this distressed home? How will my new client know exactly how much damage the tenant has done to her checkbook? I believe I must actually prepare 2 market analysis: one as if the house had never been renovated and is in average condition and one as it now stands. These 2 reports should show clearly what could have been.............and what truly is.
I am hoping that I can help my client out of a very big, a very stressful hole.
As I said............What a Shame.............
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