Rental Property Investor · Member since 2019 · 6 posts · 1 vote
I am in the middle of the Rehab on a BRRRR property of a single family home. The Garage on the property is in terrible shape and needs torn down.
My question is relating to the refinance piece. Does it make more sense and make the property worth more to have the garage torn down before the appraisal - or would it make the property worth more to have a garage that needs torn down?
I had an appraisal on a property with a garage we eventually tore down and the appraiser explained since it has no value and actually costs to tear it down, it affects the value of the home negatively.
@Jillian R. Wiedenmayer It is on a concrete pad but it as well needs to go. The home is situated on a hill and the garage was not shored up appropriately. It is all falling down the hill. As far as construction, it is wood framed and vinyl sided.