Is it worth adding heat to our finished attic to create two extra bedrooms (currently have a 3 bed, 1 bath) before we refinance?

Asked by Anonymous, Pittsburgh, PA Tue Oct 23, 2012

We consulted with a mortgage broker last week about refinancing our 3 bedroom, 1 bath house. The previous owners finished the attic (not great, but livable) and there is an option for two more bedrooms. The broker said that if we added heat to these rooms, the house would be a 5/1 and appraise for a LOT more money for refinancing. Should we invest this money (approx. $6000-$8000) before refinancing?

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Fred Glick’s answer
Fred Glick, Agent, Mountain View, CA
Tue Oct 23, 2012
First, check with the local authorities to make sure you are allowed to do it. There may be additional items for fire codes that you may need to do, so it's hard to answer the question at this point.

But, I would wait until after the refi because if it seems like you may have enough equity to refi.

Let me know if I can help.

Fred
Web Reference:  http://fredglick.com
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Anthony Gigie…, Agent, Springfield, PA
Tue Oct 23, 2012
Yes I would agree with your mortgage broker on this point. When showing homes in my area a lot of attics are not livable and the ones that are bring more desire from buyers. Also, you are making an investment by adding the additonal rooms. When and if you decide to sell this will make it more benefical for you also because it could help your home sell quicker if this is something that most homes in your area do not have being a liviable attic.

Feel free to contact me with any further questions... anthony@century21.com
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