I just bought a home here in Arizona for $110,000.00. My husband and I replaced the carpeting in the house with high quality porcelain tile, the entire support under the house was once wood, which many know is a termite risk, and had it replaced with concrete, the lower half of the siding on the house was fiberglass, it is now concrete board siding, we have repainted the entire interior of the home to a soft white, when it was pink and yellow. And all the appliances are brand new and totally updated. We have only lived here 6 months and about 2 years ago, the house appraised at $88,000.00. I am trying to get an equity loan, and this home needs to appraise at $102,000 or more. Do you think it will?
Appraisal Value after improvements?
11
Mar
wuilman_moran
March 11, 2010 at 9:26 pm
hire an appraiser
rocketman9070
March 11, 2010 at 10:25 pm
If you bought it for $110,000 and have documents and you put in $20,000 in improvements and have documents, the $88,000 was a WAG estimate, go for it.
a_friend247
March 11, 2010 at 11:07 pm
I agree with WUILGAN MORAN. hire an expert, this is no place for this type of question. However, i believe if you bought the house at below market value, it should appraise for more. Given, if you bought it cheap because it was in very bad shape and your repairs have made a normal house, then it should appraise for more. Otherwise, your upgrades would mean nothing. Lastly, check what a similar house (after upgrades) is going for in your neighborhood, that should give you a good idea.
norm
March 11, 2010 at 11:49 pm
If your facts are correct you will be pleasantly surprised. It should appraise much higher.
Cindy G
March 12, 2010 at 12:10 am
House value is usually appraised at the last purchase price paid or above. I can’t guarantee you’ll get that of course, and if you paid too much for the house, you’ll be in trouble. But it will likely get appraised at least at what you paid for it.
ever1wolf
March 12, 2010 at 12:53 am
First, I’ll assume the 88K is a tax assesment.
Second, most improvements, especially interior are not taxed or known to a tax assesor, and can only add profit that the market will bear. Certainly you can add costs to a selling price and in fact an equity lender may want to inspect the interior to determine value, but very often the amount you put into cosmetic improvements is not recaptured at 100%.
There is an older question I answered having to do with a GREAT site that estimates house values, and has GPS ability. It even shows the house from the sattelite and states the rooms, etc.
Willow something,,, I’ll see if I can find it.
In any case I suggest you don’t stress about getting the loan. with home prices escalating still, I suspect your house could be valued as saleable for double.
Rev. Steven
maleek
March 12, 2010 at 1:02 am
Alot of it depends on what homes in your neighbor hood with the same square footage are selling for.Just ask a reator to come out and tell her you are thinking about selling if you don’t mind telling a little white lie.You probably don’t have that much equity built up and you can only borrow a percentage of equity value