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Appraising Horse Property
Appraising Horse Property

How is a horse property different from any other residential property?
In most ways, horse properties are similar to any other residential property. All the same theories and techniques still apply in your valuation. They differ in how the importance of being allowed to have horses plays out in the appraisal process. Buyers and Sellers in this market care more about the number of horses that can legally reside on the premises than anything else about the property.
The selection of the comparables often cross the boundaries and guidelines set forth by financial institutions. It is important to have comparables that are or can be horse properties. To satisfy this guideline the appraiser might have to step outside the typical financial guidelines. Perhaps they need to use comparables that have different house styles, took place further back in time, are outside distance preferences, or even in a different school district.
How can we do this, step outside typical financial institution guidelines and still appraise a horse property for its fair market value?
We need to utilize sales that meet the financial institution’s guidelines and sales that give us a true ... more

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