Contact Paper Countertops - Are they fooling anyone?

[Scott Sloan]

I have a quadruplex under contract and am building a bid to confirm my numbers. I plan to cash-out refi in about 1 year to pull out my cash. I am considering using contact paper on the linoleum countertops to mimic granite. This is a Class C (maybe C-) property. From an appraisal perspective, would a refi appraiser (1) think this adds any value or (2) ever think that the countertop was actually granite? (I will also make other upgrades, like installing LVP flooring).

[Riaz Gillani]

Unlikely on earning any additional value for the countertops. Appraisers simply ask themselves if the property condition is up to par with comps in the area and this is a question that harms you more than it helps you. If yes - there's unlikely to be any adjustments. If no - you may see an adjustment to lower the value of your house to reconcile with the comps. So don't over renovate. 

Re: thinking the countertop was actually granite, unlikely. But even so, unlikely to increase your value on a refinance (see above). On a flip maybe because a buyer might pay more. 

For a refi, make a decision on durability and cost for the counter tops. Especially if this is a long term hold ...