Tornado season has arrived in the southeastern United States, as a powerful storm system brought destructive weather to the mid-South and central Gulf Coast region earlier this week. Late in the evening of January 25, the northern suburbs of Birmingham, Alabama, were heavily damaged when a strong, EF-3 tornado tore a nearly 10 mile path through the communities of Fultondale, Pinson, and Center Point. Approximately 1,500 homes were damaged or destroyed, with an aggregate value of over $200 Million according to CoreLogic’s tornado verification technology.
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Why Valuing Barndominiums, Tiny Homes Needs the Cost Approach
Depending on the location, size, and effective age of a home, the cost approach serves as a benchmark for reality in valuing these unique properties.