I need to refinance to renovate my home, what can I do inexpensively to get a higher appraisal?

Mr Yankee asked:


I plan on doing major renovations, are there any cheap quick fixes to get a higher appraisal. I do not want to waste time and money improving something that is going to be replaced in a few months if it is not going to be very beneficial.
Our home renovation consists of new bathrooms, new kitchen. Initial appraisal is for refinance loan, to determine equity.

Antonio

Tags: Initial Appraisal, Quick Fixes, Refinance Loan

This entry was posted on Saturday, May 30th, 2009 at 2:51 pm and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

3 Responses to “I need to refinance to renovate my home, what can I do inexpensively to get a higher appraisal?”

1. racache_us Says:
   May 31st, 2009 at 7:10 am

   Darren

   Make sure the remodel is completed! Do kitchens, baths, flooring and paint as inexpensively as possible just so it looks new.

2. linkus86 Says:
   June 2nd, 2009 at 3:58 pm

   Clyde

   Incomplete projects will kill value. A fresh coat of paint goes a long way. Bathroom updates can be done cheaply and can add much more value than it costs.

3. LandMark Valuation Says:
   June 4th, 2009 at 7:37 pm

   Anita

   Cheap “quick fixes” are just that, obvious to an astute appraiser and will do virtually nothing to increase your value. In fact, they may potentially reduce your value. If they’re not excessive for the neighborhood (over-improvement that won’t recoup value), and it doesn’t sound as if they are, you shouldn’t waste time, effort and money on “quick fixes”. Typically, the most cost-effective method is to go to a local lender and obtain short-term financing (a construction loan). Complete the renovations and put “permanent” financing on the home to pay off the construction loan. Best of luck.