How much DO holes in the wall affect your appraisal?

Question

An entertaining question for most I'm sure.  Don't laugh.  My soon to be ex-husband and I are separating, and I will be buying our his interest in the house.  He's decided he wants a set of flush mount speakers currently installed in the ceiling.  They're not worth much I suppose.  Maybe $100?  Technically I could argue about it, but my question is: how much is the appraiser going to care if they walk in an see four giant 6" holes in the ceiling?  Cuz I aint fixin it to help him. :-p

Allison C Henderson · Answer

@Ned

@Ned Carey : Yeah, there is no mortgage, so no problem there.  We bought this thing, rennoed it, worked out tails off, payed it off, got hitched, in four months he developed some sort of anger management disorder, we tried to treat if for a year, but the situation was getting dangerous, so it had to come to and end.  The end result being he ran up so much debt, he couldnt buy me out, so I'm buying him out.  That pretty much describes it :-(

Allison C Henderson · Answer

@Kenneth Garrett: It's to split assets in a divorce.  He owns 39% interest.  So basically, the house would get appraised, and then I would refinance to buy out his 39% of what ever the appraisal ends up being.  So it seems to me, a low ball estimate would work in my favor.  It's kinda why I'm leaning in the direction of not fighting him on an item this trivial which may have the effect of lowering the overall amount I'd owe him.

Account Closed · Answer

@Allison C Henderson

Why not find four 6” circular access panel covers and cover the holes? Or, if that’s too difficult, find four more crappy speakers that come with covers, or heck, just the cleaner covers themselves and pop those in?

Russell Brazil · Answer

How big is the hole?

Joseph Weisenbloom · Answer

Get some premade ready to apply plaster at HD or Lowes and patch the holes real quick. Should take 30 mins tops.

Shaun Weekes · Answer

Since and electrical unit was there it might have exposed wires etc.  If that's the case it will be considered a Health and Safety issue which means, it's best to patch it up.  If you don't and there is an issue the appraiser will mark down on the appraisal as subject to which means it needs to be fixed.  After it's fixed, he/she will charge another $150 to $200 to take a picture to insure the items was fixed.

I read your other posts and I'm sorry to hear about your situation.  Since it's going to be your asset at the end of the day, I would fix it and know that you're doing it for yourself moving forward.  A hole in the wall isn't going to make the value go up or down by more than a couple thousand dollars.

You'll feel better knowing YOUR home is complete and safe.

Just my 2 cents.

I hope this helps and have a great day

Allison C Henderson · Answer

Ok, thanks all for the feed back!

Ned Carey · Answer

@Allison C Henderson so sorry to hear that. Wishing you the best not just in real estate but in life.

Sam Shueh · Answer

Get a handyman to cut a like hole repair and paint over. Way over $100 in deduction......

Not laughing.

Ned Carey · Answer

@Allison C Henderson that is clever but it might backfire. Your loan needs to be enough to pay off the current mortgage AND pay him his 39%. Otherwise you may need to come out of pocket to buy him out. I don't know the details of your situation but it is something for you to think about.