What Is an As-Is vs. As-Repaired Appraisal?

When a property is being purchased for renovation or financed with a rehab loan, lenders and investors often need two distinct value opinions: the as-is value and the as-repaired value.

What Is an As-Is Appraisal?

An as-is appraisal reflects the property's current market value in its present condition — defects, deferred maintenance, and all. This is the standard appraisal most people are familiar with.

What Is an As-Repaired Appraisal?

An as-repaired appraisal estimates what the property will be worth after specified renovations or repairs are completed. The appraiser reviews the scope of work and proposed improvements, then develops a value opinion based on the assumption that those improvements have been made.

When Are These Used?

• FHA 203(k) loans — require both as-is and as-repaired values
• Hard money and investment loans — lenders want to know the after-repair value
• Fix-and-flip analysis — investors use the ARV to determine whether a deal makes sense
• Estate sales with needed repairs — helps heirs understand how repairs affect value before selling

Mantis Valuation Advisors provides both as-is and as-repaired appraisals throughout Sarasota, Manatee, and Charlotte counties. Contact us to get started.