Broker Price Opinion BPO Cheat Sheet, Cheat Sheet of Real Estate Management

Download Broker Price Opinion BPO Cheat Sheet and more Cheat Sheet Real Estate Management in PDF only on Docsity! BPO Adjustments GLA Adjustments • $20 - $30 Low to Medium Bracket Homes • $30 - $50 Medium to Higher Bracket Homes • $50 - $100 Higher Bracket Homes Garage / Carport • $6,000 2 Car Garage • $3,000 1 Car Garage • $5,000 2 Car Carport • $2,500 1 Car Carport Age Difference Adjustments should be made on the differences in the effective ages. Effective age differences should be based on $500-$1,000 per year. i.e. Subject-A20/E15- Adjustment +2,500 Quality of Construction • Brick Superior – $1.50 X sq. ft. to wood, vinyl, asbestos Amenities • In-ground Pools – no more than $5,000 • Above ground Pool – NO value at all! (removal cost) • Guest Homes - Cottages $6,000 as would be a 2 car garage (Superadequacy) • Fence- $1,000- No More • Porch - $1,000 • Patio - $1,000 • Deck - $1,000 Basements • Finished square foot - $7.50 -$15.00 • Unfinished square foot - $3.00 - $5.00 Built in Garages or Carports • Same heat source as rest of home $ ½ of GLA adjustment • Different heat source (wall mount or fireplace) $7.00 /sq. ft. Condition adjustments • Good - $15,000 - $20,000 • Average- $ 7,000 - $20,000 • Fair- $ 2,500 - $ 5,000 • Poor BPO Quality Ratings and Definitions • Q1 – Custom/Unique Materials Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-quality exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes throughout the dwelling are of exceptionally high quality. • Q2 – Custom - High Quality Materials Dwellings with this quality rating are often custom designed for construction on an individual property owner’s site. However, dwellings in this quality grade are also found in high-quality tract developments featuring residences constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high- quality exterior ornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality. • Q3 – Subdivision - Above Average Quality Materials Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard residential tract developments or on an individual property owner’s site. The design includes significant exterior ornamentation and interiors that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from “stock” standards. • Q4 – Average – Builder Grade Materials Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship, finish, and equipment are of stock or builder grade and may feature some upgrades. • Q5 – Economy – Basic Quality Materials Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials with limited refinements and upgrades. • Q6 – Poor – Lowest Quality Materials Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additions to the original structure. occupancy. Such dwellings are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additions to the original structure.