Updated almost 9 years ago on . Most recent reply
Appraisal before renovations
Hello all, I was thinking, has anyone got an appraisal before renovations? I know you can get the comps but what if there aren't too many. An appraisal before hand would give you an exact idea of what the property will fetch after the renovations. Just curious to see has anyone done this for flips or the brrrr strategy.
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@Robert Gunby We have done this before and I have had clients here in Connecticut do the same thing. Just make sure to tell the appraiser the improvements you will be making to the property so they can appraise it as such. You are basically looking for a ARV appraisal not an as-is appraisal.
Are you using a hard money lender to acquire? Some of them will require you get an appraisal anyway.