Question

Your subject property has 1,200 square feet, a backyard, and a garage. Your comparable property, which sold for $195,000, has similar square footage, but no backyard or garage. You adjust the price $5,000 for the garage and $3,500 for the backyard. What should be the new price for the comparable property

Answer 1

$203,500

Step-by-step explanation:

Properties with similar traits will have equal value and bear the same price. The price of the comparable property will guide the cost of the new property.

The selling price for the new property will be the cost of the comparable one plus the estimated cost of the garage and back yard.

=$195,000 + $5000 + $3500

=$203,500