I am looking to refinance my home. I had an appraisal done. Since I bought the house, finished the walk out basement with a true fifth bedroom and
fifth bathroom, living area, and build in desk/bookcase. I was told that the additional bed and bath do not count. They only value refinished basement in the appraisal process. They say a realtor would write it as 5 beds and baths for "marketing reasons" but it really adds no value other that "refinished" in the appraisal. When doing comps, they used homes with 4 beds and smaller land. Since the listings were done my realtors who would have listed a basement bedroom, it does not seem right. I ended up with a value the same as I paid. It did not seem as they compared apples to apples here. Is that they way this is normally done?
Unfortunately, not all the time we get back all the money that we put in our houses. However, from my point of view, I do add more value to the houses that have more bedrooms and bathrooms. I am not an appraisal, so I can't tell you exactly how they work. But I believe that as a realtor when pricing a house I do take into consideration if the house has more bedrooms, bathrooms and finished basement etc... than the other comps in the area.
If you would like to get another CMA (Comparative Market Analysis) of your house, feel free to contact me:
Manal: 913-526-4341
or email me (NO OBLIGATIONS)
This does not sound right. I need a little more information on where you are getting the refi done and the level of finish. Please email me at David@DavidVanNoyJr.com or call me at (913) 259-HOME when you have a chance so I can point you in the right direction.
David Van Noy Jr.
(913) 259-HOME
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