Hello,
I’m in the process of refinancing my mortgage loan on my developing. On Monday somebody is coming to do an inspection for the valuation. Right here is my query: a number of winters ago my oil furnace died. I have obtained 2 Mitsubishi split models that offer ample heat. So I never ever changed the furnace. I also experienced the oil tank eradicated for extra area. Will this impact my property valuation?
Thanks in advance.
Commercial Refinance concern: developing valuation with a damaged boiler. scored 4 points on Commercial-Realestate.net!
That means Jesusisajedi is 4 points closer to a Free Agent Listing!
No you should be fine as long they provide enough heat.
I am not super experienced with this but I have 4 smaller industrial properties. I don’t think the appraiser will care too much. If you have “enough” heat, that should be good enough. I think the main way you’d run into problems there is if you had no heat at all. I think what you have will be okay!
The only thing they might consider is the removal cost if the broken furnace is still there. If the furnace costs $10,000 they knight deduct that off the final value as deferred maintenance.
It will get mentioned as delayed maintenance, but it shouldn’t materially affect the value. If you pull out cash to make the repair, the appraiser will factor that into the appraisal