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Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: Sneezy32 on July 28, 2016, 02:04:06 PM

Title: Which rennovation project before refinance?
Post by: Sneezy32 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?

Title: Re: Which rennovation project before refinance?
Post by: Another Reader 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. 

Title: Re: Which rennovation project before refinance?
Post by: Sneezy32 on July 29, 2016, 12:09:39 PM

The garage is a detached carriage house, about 1600 sq ft. The space is unfinished.

Title: Re: Which rennovation project before refinance?
Post by: rothwem 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. 

Title: Re: Which rennovation project before refinance?
Post by: Ensign1999 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.