How do appraisers value a property? And how to value a property before and after reno

[Ryan Bonhardt]

We are looking for advice on an off-market lake property on Lake Wylie with a deck. The property when finished is around 7 bed and 5 bath with 2 extra rooms (sunroom, library, game room options) and ~5k sq ft. However right now only the top floor is finished. The bottom floor has all the studs and bones, but still needs drywall, etc. So it is currently registering as 3 bed, 3.5 bath with 2 extra rooms and ~2500 sq ft.

1. What does an appraiser look at when valuing a property? Do they look at how it is now or how it could be

2. How should we go about valuing the property now and post remodel? We want to make sure we are getting a good price for it. We've been looking at properties that have sold on the lake with the same number of rooms and sq ft for it now and then the numbers once remodel is done. Is that a good way to estimate or is there a better way? Maybe talk to a realtor

3. How should we go about estimating the renovation cost? We were going to have contractors come out and give us estimations. Is there a better way?

4. We are looking for creative ways to get less down upfront. We are looking at seller-financing and fha loan options. Is there any other you know of? Could we do a seller-financin plus construction loan?

5. Is a HELOC a potential option once we upgrade and increase the properties value to use for furnishing?

I appreciate any help you can give