Handling the passing of a loved one is never easy, and the administrative tasks that follow can feel overwhelming. One of the most important steps in the process is obtaining an estate appraisal, which provides a credible, unbiased opinion of value for the property as of the date of passing. This valuation is commonly required for probate, tax reporting, inheritance decisions, or when multiple heirs need a fair distribution of assets.
An estate appraisal differs from a typical lending appraisal because the focus is not on the current market. Instead, appraisers often perform a retrospective appraisal, meaning we analyze market conditions as they existed on a past date. This requires digging into old MLS data, archived records, and historical market trends to produce an accurate estimate of value that meets IRS and court expectations.
Because families are often navigating sensitive circumstances, communication and clarity matter. A good estate appraisal explains not just the final number, but the market context—what was happening in the local real estate market at that time, how comparable sales were selected, and how factors such as size, condition, location, and acreage affected the valuation.
In Wichita Falls and surrounding North Texas counties, estate properties can vary widely: rural land tracts, older family homes, unique dwellings, or properties with limited sales data. Each assignment requires careful research and often a more detailed scope of work. The goal is to provide something that heirs, attorneys, and tax professionals can rely on without question.
If your family is working through the probate process, an experienced local appraiser can make a tremendous difference. Enlow Appraisal has served the Wichita Falls area for more than 30 years, providing clear, objective, and compassionate guidance during an already difficult time. If you need help with an estate or date-of-death valuation, don’t hesitate to reach out with questions.

How much is a pool worth? What about a shop building? How about fill in the blank? 

I get these types of questions frequently.  So, lets dive in and understand how appraisers make adjustments for these types of amenities in an appraisal.

First, an adjustment in an appraisal is a change made to the sale price of a comparable property to account for differences between it and the subject property.  Since no two properties are exactly alike, adjustments are necessary to account for differences in factors such as size, condition, location, amenities, or market conditions.  The purpose of adjustments is to estimate what a buyer would likely pay for those differences, aligning the comparable property more closely with the subject property and leading to a more accurate estimate of the subject property's value.

So how do we make an adjustment for that pool or shop building?

Analyze paired sales: Appraisers compare two very similar properties where only one feature is different (e.g., one has a garage, the other doesn’t). The price difference between these two properties provides insight into how much the market values that feature.

Review historical sales data: This involves looking at multiple sales in the area and identifying how the market reacts to different property characteristics.

Consult cost data: For certain adjustments, such as condition or improvements, appraisers may refer to cost guides or local contractor estimates to determine how much it would cost to add or replace that feature. However, adjustments based on cost should still align with how the market values those improvements.

Cost less depreciation: This method of determining the value of a specific property feature starts by calculating its replacement cost and then subtracting depreciation. This approach is commonly used for items that lose value over time, such as building components (e.g., roofs, HVAC systems), or for older properties in general.

Market participant interviews: Appraisers engage in interviews with various market participants, including real estate agents, brokers, buyers, sellers, and fellow appraisers. These individuals can provide a wealth of knowledge about local market conditions and trends. By drawing on their direct experience with recent transactions, appraisers can gain a deeper understanding of how specific amenities, such as pools, updated kitchens, or energy-efficient systems, affected the sale prices of comparable properties. This firsthand information helps appraisers make more informed adjustments and ensures their valuations are aligned with current market preferences.

So what is the conclusion?  My favorite answer as an appraiser is "it depends".  

The contributory value of a pool would vary greatly depending on factors such as market segment, size, quality of materials (e.g. fiberglass, gunite, vinyl, etc), and overall condition.  Say that market interviews and historical observations in the market segment indicate anywhere from $10,000 to $50,000 for the contributory value of a pool.  If the pool in question is new, high quality, etc, one might conclude its contributory value would be at the top end of the range.  If the pool in question is old and in poor condition, one might conclude its contributory value is at the low end of the range or that it has no value.

It would be similar for a shop building.  Its contributory value would vary greatly depending on factors such as market segment, size, quality of materials and finish out (framing, insulation, side wall heights, plumbing and electrical fixtures, foundation, etc), and overall condition.  Say that market interviews and  historical observations in the market segment indicate anywhere from $10 to $60 per square foot for the contributory value of a shop.  If the shop in question is new, high quality, etc, one might conclude its contributory value would be at the top end of the range.  If the shop in question is old and in poor condition, one might conclude its contributory value is at the low end of the range or that it has no value.

Conclusion:  Adjustments should reflect market-based differences between the subject and comparables, supported by data rather than arbitrary numbers.  Properly applied adjustments lead to a well-supported, credible opinion of value.

As always, I’m here to help clarify any questions you may have. Feel free to reach out for further discussion.

-Brady