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No. The three aopproaches to value (Cost - either Reproduction or Replacement, Income, and Sales Comparison) would still be utilized as appropriate (most likely, the Income approach would not be applicable).
The DATA used in the approaches might be different (e.g. modular costs vs. site-built costs for the cost approach, sales of modular homes as comparables rather than site-built homes, etc.), but the process - the application of the approaches to value - would be the same.
Modular homes can - but don't always - have a lower overall quality than their site-built equivalents in any particular neighborhood. But that difference, if it exists, is no different than, say 2x6 construction vs. 2x4 construction or tile vs. shingle roof. These are all factors that must be analyzed and applied by the appraiser. I myself have seen more than one modular home that exceeded the typical site-built home in its area in quality, design and construction features. Of course, it was no less expensive than a site-built home. As with most things, you tend to get what you paid for whether it was built onsite or off. Just because a home (or building) is of modular construction does not intrinsically mean that it is of lower quality. It just so happens that the majority of modular homes are, in fact, designed to save money. When you think about it, it makes logical sense -- if you are paying a lot of money, you want the ability to custom-design, so the appeal of modular construction (at least high-volume modular construction) trends to the lower quality with fewer custom features.
Bottom line is - again - that you get what you pay for. If you are an experienced home buyer and you can look at a particular home 100% objectively and say that you would pay as much or more for it than a similar stick-built home in the same neighborhood, then a buyer and an appraiser would likely go the same way. If it's a cheap POS, then the opposite would hold true. There's nothing intrinsically bad or even different about modular construction - it all comes down to quality, design, features, and (from a construction standpoint), cost.
What else can I help you with?
Is language a modular process?
Given the definition of a 'modular process' - Units of standardized size, design, construction, etc. that can be arranged or fitted together in a variety of ways - it is safe to assume Language is NOT a modular process.
What is an abstract noun for appraisal?
The noun appraisal is the abstract noun, a word for a process.
What is record appraisal?
record appraisal is simply defined as a process of evaluating the value of records.
What is Performance appraisal part of?
Performance appraisal (PA) is one of the important components in the rational and systemic process of human resource management
What is modular manufacturing?
Modular manufacturing is the process of constructing a pre-designed and customer approved modular building at the factory. While this process is being completed off site, the necessary site work is being completed on site. This results in a streamlined project that is complete in half the time of a conventional built building. For more information please visit modularsolutionsltd.com
What is the definition of valuation?
It is the act or process of assessing value or price; an appraisal.
What is standardisation?
It is the process of creating products which are the same but can be used in different ways. This is closely linked to 'modular design' which is more focused on designing singular component parts which can be used in a multitude of different products. basically.. being able to use the same components or products for different projects.
What is design standardisation?
It is the process of creating products which are the same but can be used in different ways. This is closely linked to 'modular design' which is more focused on designing singular component parts which can be used in a multitude of different products. basically.. being able to use the same components or products for different projects.
Who are appraisal management companies?
Appraisal Management Companies serve as an intermediary between lenders and appraisers. They manage panels of fee appraisers and perform the administrative elements needed to process and fulfill individual appraisal assignments for lenders. A list of Appraisal Management Companies can be found at www.appraisal-management-companies.com
How can I request a home appraisal to remove PMI from my mortgage?
To request a home appraisal to remove PMI from your mortgage, you should contact your lender and ask them to initiate the appraisal process. The appraisal will determine the current value of your home, which is needed to show that your loan-to-value ratio is below 80, allowing you to remove the PMI.
How project evaluation different from project appraisal?
Project evaluation is a systematic approach of gathering, studying and using information to resolve answers related to a project. It means to understand the relevancy and achievements of project objectives, impact and sustainability. Project appraisal, on the other hand, is a process of finding out a project's viability. It is a continuous process that involves analyzing the effectiveness, feasibility and cost effectiveness of the project.
What is price per square foot for modular buildings?
The price of modular commercial building depends on the size of the building, the quality of materials and the complexity of the process. Generally, prices range from $35 to $100 per square foot.
