Skip to main content

Will it appraise: concrete shop turned modern loft

I'd like to purchase an old, concrete repair shop and convert it into my home. I have enough cash to fund the project, but I would like to be able to take out a mortgage on the finished product to recapture the equity. I'm concerned that despite succeeding in creating a comfortable, quality, code-conforming residence on the inside, the project may not appraise well as a home if the building keeps it's commercial silhouette on the outside. How might such a building be evaluated?

The property is zoned residential. The existing building is sound structurally, it has all the necessary utilities, but it looks like a simple concrete box with industrial windows. The surrounding neighborhood it full of mid-century bungalows. I'm sure I could add paint and some residential flourishes, but I don't want to add a pitched roof or any significant architectural language.

Excusing all the other feasibility questions (budget, soils, permits, etc.), what can I expect? Is an appraiser going to care mostly about the square footage and amenities or will the exterior have to look like a house for the building to appraise as a house?

submitted by /u/theoregoner
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/ew1s8p/will_it_appraise_concrete_shop_turned_modern_loft/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more