Best way to present repair/renovation costs to appraisers

Best way to present repair/renovation costs to appraisers

Investor · Tucson, AZ · Member since 2015 · 64 posts · 3 votes

Hello everyone. I have a house I rehabbed under contract and the appraiser is coming out in a day or 2 and I'm just wondering if anyone knows of a good template or has a generic form that works well with appraisers as far as demonstrating how much money I've spent on my rehab? It's a VA loan and I want to make sure my home appraises for what it's worth. I looked in the forms section of bigger pockets but I couldn't find anything that would be good for giving to the appraiser. Any advice would be great! Thanks, Jeff

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  • JD MartinBusiness Member
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    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 17k+ votes
    10y

    The appraiser shouldn't care. Houses and remodels have book values. You may have spent $100k but the book value might be $30k. No good appraiser is going to base the value of the house on what you demonstrate you paid for something, only on what the market and book values are for those amenities/rehabs. 

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  • Greg H.Pro Member
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    Broker/Flipper · Austin, TX · Member since 2013 · 4k+ posts · 4k+ votes
    10y

    @Jeffrey Hayes

    Since it is VA , the appraiser might not want to speak with you at all. Several years ago the rules changed with appraisers to attempt to avoid any fraud and or manipulation of appraisals. The strict by the book ones just are not going to speak with. Others might be willing engage so you will have to feel them out

    My suggestion is to make a list and set it out for the appraiser 

  • House Flipper · East Stroudsburg, PA · Member since 2013 · 1k+ posts · 205 votes
    10y

    @Jeffrey Hayes  You might consider supplying "comps" from the area that you based you're selling price on; plus a list of improvements that you completed.  Found that supplying this information indicates that you based your selling price in a realistic range.  In our area,. the Appraisers do not wish to encounter the seller.

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