Author Topic: Which rennovation project before refinance?  (Read 941 times)

Sneezy32

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Which rennovation project before refinance?
« on: July 28, 2016, 02:04:06 PM »
I am planning to refinance my multifamily before the end of the year. The main roof was replaced 2 years ago. The interior has been upgraded over the last few years. The paint on the house is peeling. The roof of the 2 story garage (nearly as large as the house) is in really bad shape and has been tarped. I can only afford one project before the refinance, which will include an assessment. Should I replace the garage roof or put vinyl siding on the house?
« Last Edit: July 28, 2016, 02:20:45 PM by Sneezy32 »

Another Reader

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Re: Which rennovation project before refinance?
« Reply #1 on: July 28, 2016, 03:13:48 PM »
In most cases you won't get a loan with a bad roof if the garage is attached.  Is the garage two story or two stall?  If there is a second story, is there living area under the roof?  I would probably put the roof on and power wash the peeling paint off before the appraisal, based on what you describe. 

Sneezy32

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Re: Which rennovation project before refinance?
« Reply #2 on: July 29, 2016, 12:09:39 PM »
The garage is a detached carriage house, about 1600 sq ft. The space is unfinished.

rothwem

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Re: Which rennovation project before refinance?
« Reply #3 on: July 29, 2016, 12:28:34 PM »
Roof. 

You can slap some paint over the peeling areas for fairly cheap, but roof work is difficult. 

Ensign1999

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Re: Which rennovation project before refinance?
« Reply #4 on: August 01, 2016, 01:08:28 PM »
I vote for the roof as well....a failed/failing roof will lead to much more damage.  Spend a few hundred and get the house power washed to knock the peeling paint off if you want it to look nicer.