Yes it will. Below grade living space is treated differently from an appraised value perspective. If there is no window, you have a whole other issue. If you are going to add a second level with a master suite, that will definitely increase your property value. It would be less expensive to finish your basement than add a second floor. Do you have money to do either project? If you don't have enough equity to cash out or take a home equity loan, you may want to see if a local bank would give you some kind of construction loan. What would you do with the 3rd bedroom on the main level.... more
If you are in need of financing, my company specializes in FHA, which only requires 3.5% down payment as opposed to 5%+ for other programs. My contact information is below, so please feel free to contact me with any questions...
Sr. Mortgage Consultant
Most investors use their charge cards for source of revenue regarding rehab projects. It does depend on the amount of work required in some instances could be not the investment overall cost of rehab work.
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