building unique airbnb cabin. Strategies to get appraised?

Question

I'm building in a very rural part of TN (Altamont).

There are unique structures around me within 15 miles and wondering what strategies can be used to help get unique properties appraised so I can refinance out?

Is the only option to find someone who has appraised unique structures before?

Or end up paying everything with cash?

I've finished clearing, driveways, gravel on a piece of property in Grundy County, TN.

Money has been spent for the horizontal build so far.

I'm not doing a geodome or tent. But actual framed structure, high end architectural aspects that is uncommon for the area. See rendering below.

Jae Jun · Answer

@ Jules Aton

I understand your concern. I have the reverse opinion for STRs. Normal homes don't attract and the industry and game has changed from 10 years back. Putting my hard earned money into betting on experiences that people crave and rave about.

It's a matter of whether I can pull money out or have to keep it in the build for a year.

Andrew Steffens · Answer

Unfortunately (and especially true for unique properties) appraisals are very subjective in nature. You can have 2 done on the same day and have 2 very different results. I think you'll need to just go with the bank assigned appraiser (meet him at the property) and do your best to be persuasive - you can usually dispute the results in the worst case scenario.

Michael Baum · Answer

I don't always agree with the whole "Instagramable" stay thing.

The folks we cater to want to stay in a great place on the lake. The lake is the draw.

Having a great house with lots of amenities is the bonus. My 2 cents.

John Underwood · Answer

Consult an appraiser in your area and ask what features appraise the highest.

They can give you an appraisal based on sq feet and finishes for a neighborhood.

Then I get an actual appraisal after its done and leave a copy on the kitchen island for the bank appraiser to see.

Collin Hays · Answer

hand him a hot cup of Starbucks before you begin trying to sell him.

Jules Aton · Answer

I tend to cringe when I hear the words unique and property together. My question is do you really want to try and re-invent the wheel with this much of your hard earned money? If so best wishes spec looks gorgeous.

Mike Grudzien · Answer

Can't help you with an appraisal, but I want to stay there when you're done!

Jae Jun · Answer

Thanks. I've been reaching out to local appraisers to find someone who has experience.

Account Closed · Answer

I like this. There is always niche parts of the industry that do very well. Also there is a TON of money out there people can't even fathom. I think alot of people have the scarcity mindset and the mindset of putting the least amount of money into a real estate asset to get it rented because that is the "norm". There will always be a need for higher end luxury/unique stays and properties for rent. Just look at all of these insane places that rent out for 20k plus a month and are always booked and have bidding wars (not the same as your example but still relevent)... Money is out there everywhere. I think the biggest issue in these types of stays are location. Whether it is prime location for business purposes or a "getaway" retreat it boils down to how attractive the area is and what there is to do around it. Design looks cool to me. You are already on the right track consulting someone local prior to see what things you can add value to. Good luck!

Paul Sofia · Answer

I think you're going way too deep on a STR. Don't make things more complicated than needed. What would attract people to vacation there? I would not do anything super special to suck guests in if the area is in high demand.

building unique airbnb cabin. Strategies to get appraised?

building unique airbnb cabin. Strategies to get appraised?

Most Popular Reply

13 Replies