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Updated over 4 years ago on . Most recent reply

User Stats

6
Posts
1
Votes
Simon K.
  • New to Real Estate
  • Toronto, ON
1
Votes |
6
Posts

BRRRR SFH into a Duplex - how will this affect appraisal value?

Simon K.
  • New to Real Estate
  • Toronto, ON
Posted
I have been looking into the idea of buying a SFH that needs a little bit of work and actually taking it a step further by converting it into a duplex. It seemed like an obvious idea to me - I would renovate the home, and then have an upper and lower unit - increasing my cash flow. I would likely live in one of the units for at least a year. Then leave, rent out the other unit and repeat in a new location (I may jump cities for a new fulltime job soon). However, I started to look into this more and found that by converting a SFH to a duplex, you may not see a direct increase in value to the home. Because now, rather than being appraised as a residential property, it becomes more of an investment property and is evaluated as such. So maybe I wouldn't see a direct increase in appraisal value - is this true? I wanted the benefits of rehabbing and refinancing - so I could pay back my hard lender (my immediate family) and break even or possible even profit when I get a high appraisal. What are your thoughts?

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