Investor · Columbus Ohio · Member since 2022 · 27 posts · 34 votes
Hi,
We own a property that is fully paid. Currently held within our LLC, operates as a short term rental.
We are looking to do a 75% LTV cash-out refinance. A couple of questions.
How accurate are Zillow, Redfin, realtor.com estimates?
We have updated the house, new windows, flooring, basement waterproofing etc, but we are thinking of changing the countertop from laminate to quartz. Would this renovation typically improve appraisal numbers?
If you know of a company that does kitchen remodel in Akron Ohio, would love to hear them too.
Zillow and Redfin estimates are notoriously unreliable for properties with significant updates. They use comps and automated models that don't account for your new windows, waterproofing, or other improvements. Expect the actual appraisal to vary 10-20% from those estimates in either direction.
Quartz countertops will help but probably won't move the appraisal needle dramatically unless the kitchen is currently dated enough that it's dragging down the whole property. Appraisers care more about condition, square footage, and comps than finish upgrades. If you're doing this purely to boost the appraisal for the refi, the ROI is questionable. If you need it for the STR guest experience anyway, then it's worth doing.
Can't help on Akron kitchen contractors specifically but try posting in the Akron real estate investor Facebook groups or ask other STR operators in the area. They'll know who actually shows up and finishes on time.
For a fully updated property, Zestimate and other online estimates can give a rough idea, but appraisers focus on actual recent sales and upgrades in the local market. A quartz countertop is a nice touch and may help, especially combined with other quality updates, but it usually won't move the appraisal dramatically on its own. For remodeling, local contractors who specialize in kitchens and SR renovations tend to give the best ROI. Connecting with experienced investors in your area can also help you find trusted contractors and get real numbers on how upgrades impact cash-out refi potential.
Happy to connect and share insights on local contractors and appraisal trends if helpful!