All Forum Posts by: Michael Keane

If you go with a portfolio lender or a DSCR loan they have more flexibility to set their own guidelines.

@Michael Keane So, the basic answer is not specifically. I mean, they will generally contribute to the overall impression of quality and condition, but if you have an off-brand professional style 48 inch range, as compared to a top-of-the-line Wolf range, most Appraisers would probably get a similar impression of general quality of the house. I am pretty detailed and notice specific Brand appliances, but in my experience, most Appraisers do not notice those specifics at all, especially if it isn't a high-end property.

As Andrew stated, you should really try and match what the other similar properties have, otherwise you may be over-improving, which may be wasting money.

As far as recommendations: I would check out any "scratch and dent" appliances. Many stores, especially big box stores (Lowes, Home Depot, Best Buy, other big appliances stores, etc), have "scratch and dent" appliances that they sell for discounted prices. Many times these are brand new, that may have been dented, scratched, or have a blemish, etc, which then have to be sold as damaged, even though they are new and work perfectly fine. Near me, there is a separate company which has contracts with some of these manufacturers to buy and resell those appliances. They sell them for 30%+ discounts, since they get them for a good price. Then, it's just a matter of looking them up online and reading the specific appliance reviews. You can also check online at AJMadison, and Costco has good deals also. And both those sites should have reviews for the appliances they sell.

When I'm valuing a property, I'm really looking at the recent similar sales and comparing the general quality and condition to the Subject property. Most of the times, I can't tell what the appliances are in the comps anyway, but I can see if they are stainless steel, 48 inch range/ovens, double wall ovens, if they look professional style, etc. There are 3-4k 48-inch professional style ranges, that would probably give an Appraiser the same high-quality impression as a $12k Wolf range. 

So, If this is property you are keeping as a rental,  would really focus on getting quality, reliable appliances, with good reviews, for a good price.

Brad, thank you. Incredibly informative. Appreciate the insights.