Do I need to finish my house before getting a HELOC appraisal?

Do I need to finish my house before getting a HELOC appraisal?

Member since 2018 · 4 posts · 0 votes
Hello all, new to the forum and real-estate investing. I purchased my primary residence in October of last year. I’ve made substantial improvements to the property (flooring, texture, interior and exterior paint, total bathroom remodel, painted cabinets, new carpet, crown and base, new doors). I’d like to pull out a HELOC on my property to pay down some outstanding debt and perhaps close my first rental deal. However, my property still needs another bathroom remodel and a kitchen countertop. Is a HELOC a feasible option without a completely remodeled house? I appreciate your feedback!
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  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    8y
    Originally posted by @Dylan Hedge:
     However, my property still needs another bathroom remodel and a kitchen countertop. Is a HELOC a feasible option without a completely remodeled house?

     Assuming the kitchen and bathroom in place are functional, complete, and absent health/safety hazards, certainly. 

    However if the appraiser is going to show up to find a gutted bathroom and kitchen torn to studs, don't bother.

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