I started this home renovation before I considered expanding it and seeking financing. That ugly old wallpaper just had to go.
Rule 1 in Home renovating: if you even think you might be looking for financing to do the renovation don't do anything yet! Now I'm scrambling to put temporary trim back on the walls, finish removing the wallpaper and patch and prime before the appraiser comes on Wednesday.
Of course, all the old trim is at the dump, but luckily the carpet is still down (it is slated to be replaced with a bamboo floor)
The issue is not only house value, but also whether or not the house is considered "complete". I'm refinancing with a "cash out" (funny how the call it cash), which requires the property to be considered "complete" in order to get the loan. If the appraiser says it is subject to repair, that is a real problem. Relatively minor things that can make it subject to repair include:
- Holes in drywall
- Missing trim or doors
- Defective paint
Of course, more significant issues like missing carpet, cabinets etc. will really count against you. Some things really just depend on the lender and the appraiser, although I know there are standards out there.
Anyway, off with the trowel, roller and nail gun to make this mess look more presentable!
Update 2005-08-28: You can see some more photos in my appraisals blog.
