House appraisel ?

opus

Hey ya'll,

I am refinancing my home that I bought 2 years ago and have a couple of appraising questions. Its mostly academic because the appraisel is set for monday morn. but maybe you can ease my mind till then.
First the stupid question. Does it matter if the house is clean, btw mine is clean;).
Second and most importantly, since the last appraisel we have done lots of remodeling/ painting. Replaced some linoleum with tile, built a couple of walls, finished the upstairs etc. But there are still a few projects in the works. I like to start a bunch of things at once, work my **** off till about 80% complete and then drag it out for months:o. So will the kitchen cabinets that are 1/2 refinished hurt us. How about the laundry room ceiling that we tore out, fixed the plaster, put up a vapor barrier but never quite got around to hanging the drywall?

Will these projects that are in progress hurt us too bad?

Any thoughts?


thanks kevin:)

nooshinjohn

they may, but I would tell the appraiser that these projects are in the works and will be completed soon. I would also attempt to finish at least one or two that could be done in such a short span of time. Be ready to show paint/carpet/tile samples that show the projects are moving along in the right direction.

Good luck!

opus

Thanks, to be fair there we just as many unfinished projects when I moved in so maybe it will be a wash.

Curious to hear more thoughts.

ANd yes I am finishing a couple of the easier ones this weekend

shawn474

My father in law is a real estate appraiser so I ran it by him. His response was that it WILL affect the appraisal, but to what extent depends on the appraiser. The problem is that with half finished projects like this, there are little to no "comparable listings", which is a major factor in determining value. So whoever appraises the house will likely have to take into account if there are no renovations vs. full renovations and meet somewhere in the middle. It can get pretty arbitrary acording to him.

Clean houses do help. Not so much in the actual appraisal, but to let the appraiser know that you take care of your stuff. A peace of mind thing.

Hope this helps.

Shawn

opus

shawn474 wrote: »

My father in law is a real estate appraiser so I ran it by him. His response was that it WILL affect the appraisal, but to what extent depends on the appraiser. The problem is that with half finished projects like this, there are little to no "comparable listings", which is a major factor in determining value. So whoever appraises the house will likely have to take into account if there are no renovations vs. full renovations and meet somewhere in the middle. It can get pretty arbitrary acording to him.

Clean houses do help. Not so much in the actual appraisal, but to let the appraiser know that you take care of your stuff. A peace of mind thing.

Hope this helps.

Shawn

thanks shawn,

that whole comparable listing thing is the key and tough to do out in the country were your "neighborhood" is small or so I hear.

If they put me up against every other 117 year old house in the area I will do fine I think;)

McLoki

I'll give you $500 for the house.... $1,000 if you throw in the subs....

One thing I would do is open all the curtains and turn on the lights. You want it to look as large as possible...

It will be fine - don't worry.

Michael

opus

McLoki wrote: »

I'll give you $500 for the house.... $1,000 if you throw in the subs....

One thing I would do is open all the curtains and turn on the lights. You want it to look as large as possible...

It will be fine - don't worry.

Michael

$1000 for the whole thing eh? How about $750 and you take the wife too?