In order to pay for the house and renovation costs, we had to take out a construction loan. As many of you are likely aware, an appraisal is part of the loan application process. The bank wants to make sure that its money is being spent wisely, so an appraiser comes out to assess the “as is” value of your property, and then they take your construction plans into consideration to come up with a value for the home when everything is said and done.
As luck would have it, the appraiser’s visit was scheduled for the day that the house looked its worst. After framing the floor of the kitchen (former schoolhouse), the crew had continued their demo of the first floor walls in anticipation of framing new ones (exciting!), but I hope you can understand how terrified I was to have an appraiser assess the house when it was looking like this:
Guys, there were NO WALLS on the first floor!
When we were trying to schedule the appraisal, their request was that someone be on site to let us in and/or leave the door unlocked so the appraiser could look around…I told them that accessing the building wouldn’t be a problem but figured that I’d leave the complete lack of walls as a surprise.
Thankfully, the appraiser was wonderful and didn’t make me feel ashamed to be asking for a loan to remodel a glorified shack. Instead she listened attentively to our plans and got excited with us about what the project will look like in the future. Get yourself an appraiser with imagination and empathy, and life will be good.
All that said, it was a humbling afternoon and I was very happy to have walls go back up soon thereafter.