We live in Kilkenny, MN. We built a split level home in 2003: 3 bedroom, one bathroom, unfinished basement.

Asked by Paula, Kilkenny, MN Tue Apr 8, 2008

Approx. 1400 sq. feet livable then.

We just now finished the basement added 3 more bedrooms, a bathroom, family room, closets and utility room. That's another 1400 sq. feet livable space (basically duplicated the upstairs floor plan minus kitchen.

We need our appraisal to come out at about $50-$60,000 more than it did 2 years ago for a mortgage refinance. Do I have any chance this will work out?

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3
Roger Harmon, Agent, Fridley, MN
Tue Apr 22, 2008
The addition of additional bedrooms on a home that already has 3 BR's is of little value to most buyers. If the rooms can be designated and improved to be an exercise room, an office or a craft or workshop room by installing specialized types of built ins or decor may help you. The other comments are dead on in that prices are down and lenders are pickier but you have a chance to get a new value but not for additional BR's.
Web Reference:  http://rogerharmon.com
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Ben Goheen, Agent, Saint Paul, MN
Tue Apr 8, 2008
Hi Paula,
I would have to agree with the other comments so far - if you lived IN the cities. Since Kilkenny is such a small town, comparable homes will be very hard to come across. There appears to be only 4 newer split level sales within a 5 mile radius in the last year.

Being an appraiser myself, I see scenarios like this quite often and unfortunately there isn't much we can do about it right now. If you do go forward, find an appraiser in your area by searching:

http://appraiserusa.com/

Good luck!
Web Reference:  http://www.thegoheens.com
0 votes
Todd Norsted, Agent, Maple Grove, MN
Tue Apr 8, 2008
Paula.......that comes out that you need to pick up approx. $36 for each square foot you improved. Near as I can figure, you should be able to pick up the 50k, but probably not a lot more.

Thanks, Todd
Web Reference:  http://www.toddnorsted.com
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