Refinance appraisal question (XP from D&R)

AngelaL · August 2011

( also posted on D&R)

We are refinancing to take advantage of the lower rates and I know that the bank will send someone out to appraise the house. I asked our LO if it is a drive by or the type that will come inside and she said they will come inside and do a full look at everything.

My question is this.... we were planning on getting new carpet in October. Our current carpet isn't terrible (from 1996 and light blue).. but it is faded and worn. Should we try to put the new carpet in ASAP before the apprasial? Is that something that will help get the best amount or is that something that won't matter as long as the current carpet is livable?

Also what types of things will they be looking for? Since we've owned the house we have finished the basement and re-done the kitchen...but everything else has been cosmetic things which I'm not sure will make a difference to them.

Thanks for any help you can give me :-)

ArcadianDreams · August 2011

I don't think the carpet is going to make a huge difference. That's a really small thing in comparison to the value of the land, the integrity/age of the structure, and whether the place has been maintained.

Jen&Jeff06 · August 2011

Your carpet will have absolutely no bearing on your appraised value.

Justinlove · August 2011

Carpet and other "asthetic" upgrades have very little, if any bearing on your appraisal. Your basement will increase your appraisal, but the remodeled kitchen probably will not (a home with 20 year old working appliances can be given a classification of "good" just as your new kitchen will be). It will be based on structural integrity, overall condition of the home, and most importantly comps in your area.