I concur with Mikel... a finished basement will add to the value of the appraisal. Measurements are always done. Sounds like you are just about there. I'm guessing your mechanicals need to be finished as well?? (electrical, hvac, plumbing). Then drywall and paint... finally flooring.
Why not do the refinance and get the cash to finish the basement in the loan. In addition, if you use my conventional renovation loan, the appraiser will give it value AS IF IT WERE finished, as the value is "subject to" the repairs being done. You close on the loan, have the funds and let your contractor finish the project. :)
Thanks for all of your answers. Yes, I have a new egress window installed in the bedroom and it meets the building code. I'll make a list of new improvements including new energy saving appliances such as dishwasher, laundry machines, vacuum system machine. I also had the half bath, laundry room, and garage renovated completely on the first floor. Should I also have the contractor fix the ceiling holes on the first floor as there was water leak in the past and it was fixed? They are covered by boards temporarily. Any good guidelines for preparing the home for an appraisal?? Give me the weblinks if any.... more