BRRRR Rehab Options for Higher Appraisal

[Brett Robinson]

I just bought a single family house with a finished basement suite. I didn’t buy this for a BRRRR but I think I could swing it. The basement is in good shape and upstairs is also not bad the kitchen could use some updates or painting etc. It is 2 bedrooms up and 2 bedrooms down. It is already appraised about 10K higher then my mortgage. What could I do for Rehabs that would get me a higher appraisal without doing any major work? I know this depends on specifics but I’m looking for help.

[Heidi Wilson]

What do you define as major work? How out of date is the property? Are the bathrooms current-looking with good fixtures? High impact work is kitchen and bathroom work but the kind of work that will get you a higher appraisal will cost more than just a coat of paint. Some easy things you can do is put new matching door hardware throughout the home, new bathroom fixtures, light fixtures, etc and paint. But I don’t know how much that will get you on an appraisal. Not nearly as much as a new bathroom or fully updated kitchen (new backslash, painted cabinets or new, granite countertop). Surprisingly, granite countertops are a big deal for appraisal value so if you don’t have that maybe consider adding. I always balked at the cost but an appraiser friend of mine who also flips says they are well worth the money.