GuidesPlex and multi-unit
Improving a building before refinancing
Work, rents, expenses and documents to prepare ahead.
Rents aligned with signed leases
A vacant unit re-rented before applying
Reduced and documented expenses
What raises the value counted
- Rents aligned with signed leases
- A vacant unit re-rented before applying
- Reduced and documented expenses
- Completed work, with invoices
When to apply
Apply once the work is done. A paid invoice beats an estimate.
Work that changes the value
- Roof and window replacement
- Electrical system upgrades
- Kitchen and bathroom renovations
- Adding a unit where zoning allows
Invisible work counts for less at appraisal, even when necessary.
Rents, the faster lever
A rent increase flows immediately into the net income counted.
Respect the notice periods set by law. An improperly served increase can be challenged.
What to keep
Keep every invoice and permit. Without proof, the work does not exist for the lender.
The ideal schedule
Finish the work at least three months before applying.
Re-rent vacant units during that period.
The appraiser then sees a stable building, not a recent site.
Measuring before starting the work
Estimate the value added before spending.
Some work costs more than it returns at appraisal.
An appraiser can advise you before the first hammer swing.
