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Updated about 4 years ago,
Factors That Influence Appraisal Value?
I'm wrapping up a full property renovation here, and am aiming to BRRR this property. The property is a single family home, detached garage, and a separate outbuilding which we are turning into more of a covered patio space/entertaining area. The main house work is finished, but some landscaping and about 50% of the covered patio space is complete. We're running into seasonal/weather related delays now for the exterior aspects, but obviously we don't want these to impact the schedule of moving forward with the BRRR. After speaking with a local partner I was told the appraiser will consider the detached buildings only at face value when looking at comps, that the condition and (theoretically) the amount of remaining work on the detached buildings won't really impact appraisal value. What's your experience on this? Do landscaping and amenities such as outdoor entertaining/patio space influence appraisal value much in terms of a BRRR? I know these factors would certainly influence going for a sale, but purely appraisal to pull equity out I'm not so sure on. Thanks!