Improvements List for Appraiser

7 Replies

I have a simple spreadsheet with dates, descriptions and cost of improvements and major repairs for my rental.  Do appraisers generally have a specific format they like to see or doesn't really matter?

Should I include any amount for my labor or somehow indicate I have sweat equity?

Get use to this, it applies multiple places - - your 'sweat equity' - - DIY efforts are worthless except for the results they produce.

Track them if you must, but to me they become a disincentive and I wouldn't bother.

Originally posted by @Account Closed :

I have a simple spreadsheet with dates, descriptions and cost of improvements and major repairs for my rental.  Do appraisers generally have a specific format they like to see or doesn't really matter?

Should I include any amount for my labor or somehow indicate I have sweat equity?

 When we get those requests I put a long detailed list together, double spaced, I do not list the prices, typically an appraiser will estimate the value higher then we pay for the work, and solves your problem of sweat equity. Just list the renovations and let them assume you paid top dollar for the work to be done. 

I agree to let the appraiser do the work of assigning the value.  You can bring in your "cost" sheet column if the value comes in way off what you believe.  But beware that it's difficult to argue with an appraiser.

OK, I've recently purchased three properties with equity built in the deal but also added some flooring, kitchen counters, roofing, ect...I asked on another forum but got no traction... What can I do to boost my appraisal so that I can use more equity to acquire more properties? So you guys are making an itemized list of the improvement you did post appraisal and taking to your lender to see if they will value house greater than past appraisal? are yall just paying for another appraisal post rehabs and saying "here's what I have added to property since last appraisal" what's Yalls strategy here? and what type of improvements can typically boost value better than others?