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Help....Refinancing Advice
Forgive me for my lack of knowledge on this, my DH takes control of this but I'm just looking for advice....
We are in the process of refinancing our house. Our only worry is that our appraisal doesn't come in higher than we need. I think it has to get appraised to around 7000 more than our original price. We have to pay $350 in order to get the house appraised. If we get approved then that $350 we get back, but if we don't then that's $350 out the window.
We've bought the washer and dryer, the fridge, added a new front door, added a shelf about the fireplace so the tv sits on it and the cable/dvd box sit under it, installed brand new blinds, installed a garage door opener, and added simple landscaping rock, bushes and lights around our house. Do you think that will raise our appraisal enough to qualify?
I hate being clueless and then possibly losing the $350 for nothing.
Re: Help....Refinancing Advice
My best advice is to look online to see what comparable houses are going for in your neighborhood. That will give you a better idea. Normally the appliances are a negotiating tool for the buyers and unless you specifically say that all appliances stay they won't be factored in and even then it may not add much to the appraisal.
This! The area comps have a much greater impact on the price of your home than any upgrades that you do. DH and I have done a lot of work on our house, but the comps still bring it waaay down from what we paid for it.
I agree with the other girls that the comps are the most important thing, especially in your case.
And as for your upgrades, they are great but really cosmetic, so they would not affect appraisal. To affect that, you'd have to something major, like:
Kitchen Re-Do
Bathroom Re-Do
Cabinet replacement
Plumbing Replacement
Electrical re-wiring
Re-stucco
Total Exterior Re-paint
New tile or wood flooring (not linoleum or carpeting)
Major landscaping
Permitted Addition/Structure (storage, garage)
Pool/Spa Install or Re-do
etc.
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