Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Financing in 20854 : Real Estate Advice

  • All47
  • Local Info8
  • Home Buying16
  • Home Selling12
  • Market Conditions3

Activity 4
Fri Jul 27, 2012
Rita answered:
I completely renovated my basement including an additional full bath and a new bedroom, and mini-kitchen/wet bar (granite countertop and brand new wood cabinets). Also, renovated 1/2 bath and laundry/mud room on the ground floor completely. How much value would that add to my property value (we have 4 bedrooms and 2 full baths upstairs)?? It might help pay off my 2nd mortgage that I ve used for all those renovations by refinancing. ... more
0 votes 6 answers Share Flag
Fri Sep 16, 2011
Tim Moore answered:
He will likely use the finished space in the value calculations. it won't matter to the appraiser if it is painted green or blue or has a fancy door or a plain one, the value of finished space vs unfinished will be the real difference. As long as they are not appraising it AS IS would be important. You say they are inspecting it AS IS and I am not sure what you mean by that. Appraisals for refi's are often more lenient than for new purchases. ... more
0 votes 3 answers Share Flag
Tue Aug 30, 2011
Alex Saenger answered:
Hi Rita,

The additions should indeed add value to your home appraisal. The key to getting a good appraisal is to be there when the appraiser comes. Walk him/her through the house and highlight all the "newness" in the house like the windows, roof, AC...all the things most people might miss. The high ticket items like a roof or AC and even windows can be overlooked but represent tens of thousands in added value. Similarly, homes with more bedrooms and baths tend to have a higher value, so your additions should help. Just be sure to give the apprasier the big picture of what it will be like when completed. ... more
0 votes 6 answers Share Flag
Wed Oct 14, 2009
Debra (Debbie) Rose answered:
Well Morahlivia...I am really sorry for the situation you find yourself in. On the positive side..you now have a job, and you have equity in your home!

I wish I had a solution................I assume you have spoken to a few mortgage reps?

Is it possible one of your roommates might want to invest in the home? If he doesn't have a lump some to use, maybe he can pay you higher rent, to help offset the mortage payments..... you can then apply the difference between his usual rent and the higher rent towards an equity interest in the home for him............it's just a thought.....I am trying to be creative here!
How much more do you need every month to comfortably cover the payments?

Well...................if I think of anything else, I will let you know!
Hopefully, some other ideas might be forthcoming here!

Good luck
Debbie Rose
Prudential NJ Properties

email Debbie.Rose@PrudentialNewJersey.com
... more
0 votes 4 answers Share Flag
Search Advice
Search

Followers

249