Hello,
I had a question about estimating the cost of a rehab. Is it better to have a general contractor take a look at a rehab property and give me an estimate or an appraiser? Or does it matter at all? And also, I’m in Richmond, VA, how can I find a good contractor/appraiser?
Thanks
use a contactor; an apprasier will be clueless unless they happen to have prior construction experience (which some do)
Good deal, thanks for the info.
My qualifications:
Currently: Associate Broker/Certified Appraiser
use a contactor; an apprasier will be clueless unless they happen to have prior construction experience (which some do)
I continue to be surprised @ how much erroneous information and contempt there is on these Forums for Real Estate Professionals (not that this particular advice is necessarily contemptuous…just erroneous).
Appraisers regularly estimate repair costs (called Cost to Cure), and have within their libraries a variety of Cost Estimate Manuals, or even Software. Many are very skilled in this regard and are employed on a regular basis by State & Federal Agencies, Attorney’s, Insurance Companies & the like.
Whether they have construction experience or not–all trainees are taught to utilize these tools. One of the 3 approaches to value is the Cost Approach.