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Seeking advice/opinions at-large here regarding property value/appraisal. (Read as: "I want validation but willing to accept I am wrong.")
Question(s): What is the best way to determine ACTUAL fair value of parking/driveway on a property? Does a formal appraisal actually measure meaningful value that access brings? Is there any recourse or are there any common practices that you know that would benefit my situation?
Context and Story: (Located in Indiana)
I purchased a house December of '23 that completed construction in October of '22. During the purchase process, neither inspectors, nor title companies, nor any other party flagged that there were open permits still on the home and garage from construction. They also did NOT raise the issue of the fact that there was a driveway on the property that was installed despite explicit denial of permit and lot planning. Closing was completed. In July of '24, a malicious neighbor who knew some of the situation and had a vendetta against the prior owner called in a tip to the city and they came out to issue a violation notice that required the driveway to be removed and grass planted again as the entire existence of the driveway was against city code and could not be approved even with permit requests. I fought a bit but at the end of the day there was no recourse and I paid several thousand dollars for remediation and adjusted my parking accordingly. This driveway had close and direct access to my front door with sidewalk and space for 3 vehicles. It had access from the primarily accessible avenue through the neighborhood.
NOTE: there is one additional parking space and a small detached garage on the property which requires approach and access to the neighborhood from different streets. This did not leave the property without ANY parking. Just adequate and desirable parking.
I filed a claim with title insurance and my direct remediation costs are being covered by the insurance policy however they are ordering a traditional appraisal of the property to determine a value which they may decide is $0. This is true "by the book" however it is not accurate since the parking situations one of the things I specifically cited to my realtor as desirable in the home as I wanted to be able to host. Additionally it now takes significant additional time to park my vehicle accessing the neighborhood from a disconnected back entrance and requires shuffling vehicles daily for a 2 car household to get one in and out of the garage which is blocked by the other.... This property becomes less convenient and less usable without the largest and most convenient parking location and it is definitely not what I had envisioned life here being like (total first world problem but....) I tried arguing to insurance claim manager that even partially restoring the property to effective use would require install of additional parking alongside the existing spot/garage even if it still is not as accessible but they determined that an appraisal was best way. Feeling trapped and cheated.
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