Your best route is to talk to your local competent loan officer because there are many variables to consider in calculating the monthly payment like down payment, type of loan, interest rate, taxes, etc.
If you added it without permits it might not increase the value and it might get you a citation from the township with they do their CO inspection for a sale.
Really, there just isn't enough information to answer the question - even if the space was properly (and legally) finished.
How big is it?
Do you have more than one bath?
Does it have an access that doesn't interfere with another room - especially another bedroom?
Does it have good heat and especially does it have good AC?
Of course the extra room doesn't HAVE to be a bedroom - it could be something else - office, playroom, hobby room. Extra space is good but some extra space is better than other extra space.... more
Many items are subjective in CO inspections and depend upon the inspector, the mood of the day, and the schedule for the day. That's true for many towns. Some inspectors have a power attitude and can make inspections more difficult if and when one does or says anything that does not respect their power. That's not true of all inspectors. Other inspectors are just really nice people doing their job as fairly as possible with good intent on keeping the residents safe. I have learned to bite my tongue and smile a lot during inspections .....even when my client flunked an inspection for failing because there was a water bottle in the fridge.. no joke! The property was in a townhouse development that is well maintained. The unit being inspected had been painted, carpets cleaned, and professional cleaning company had come in and cleaned everything from top to bottom. There was one sofa that the sellers left for the buyers at n/c. The town inspector cited the property as being incompletely vacant because there was bottled water in the perfectly clean gleaming fridge and the sofa. We needed a notarized letter from the buyers saying that it was OK to leave the sofa for them. I had to sign that I removed the water. I bit my tongue, smiled, made the extra trips necessary to get this paperwork signed, and got the CO (and yes, there was an extra fee due.) Never mind what I said when I got in the car after I got the CO.
Best advice for getting a CO: Smile and bite your tongue. If you have a reasonable town and a reasonable inspector, no problem...you would be pleasant anyway. If you have a power monster for an inspector and a town attitude that stinks, you find the discipline to smile anyway, do what they say, and get through it.... more
If you want to send a letter to make yourself feel better go ahead--otherwise not sure it would serve any purpose, not sure you will gain anything with the letter--what is your agent suggesting, he/she is your best source of advice.... more