Conventional Appraisal Nerves

I am in the process of selling my current house and closing on my new one. We are at the final stage which is the appraisal of my current home which is happening tomorrow. The listing price is 275k in a desirable metro area. It was on the market for 4 days and got an offer for 281k (or up to 292k bonafide) on the 5th day which I accepted. I received 4 offers in total during that time.

My house is 1070 sq ft with 3 beds and 1.5 baths on a .25 acre property, all fenced in. The kicker is I have a huge attached garage (700 sq ft) that is fully insulated and heated. It has a big long butcher block workshop table and windows too. It has a garage opener and the cool thing is it has a second garage door that opens to the backyard and pulls through to another small garage. The previous owner was a gearhead.

I am wondering if this unique feature will be considered in the appraisal. Will they acknowledge that this is a unique feature that adds extra value to my home despite the low square footage in living space? I am just really hoping the appraisal comes back at 281k or close to it.

There is no reason to speculate. The appraisal will be done tomorrow and you will get your answer this week. Good luck.

Does it actually add value though? Will the typical buyer pay more for a butcher block workbench?

They will look at comparables in your neighborhood and use that as a reference for the appraisal. I don’t think a heated garage with a workbench will add much value, but they might consider the garage size and the additional garage in the back. Did your buyers add appraisal gap coverage?

I didn’t ask about appraisal gap coverage. I hope that won’t be an issue.

It’s worth checking with your buyers to see what they included in their offer. Sometimes buyers are prepared to cover gaps.