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Updated about 2 years ago,
Are Upgrades/Renovations Even Worth It Nowadays?! RE: APPRAISALS
Is it even worth it to take the time, effort, and money into upgrading or renovating properties nowadays when appraisers are not even entering the property to take into account the changes you've made? It seems like the last 3 appraisals Ive had performed for mortgage lenders have gone the same way. The appraiser drove by and took a couple of exterior pics (included in their report) and finished everything else comparing to comps. This last appraisal I was actually inside the home when they drove by. They never even bothered to ask to come inside.
I'm not frustrated with this tactic; I just want to know if this is just a sign of the time in market right now because adjusters are just busy, or if this is pretty much the standard. If that is the case then we should all maybe conserve more on renovation standards (making them feasible for renters but not too standout-ish).
LENDERS & BROKERS: feel free to weigh in please!