Anything that improves that value, such as remodeling the kitchen, adding a bedroom or putting in a pool, would increase the value of your appraisal, said HCAD chief appraiser Roland Altinger. You can find the assessed value on the Harris County HCAD website. Yes, they are considered more cosmetic, however, the appraiser will probably do the appraisal with the house on an “as is” basis. They'll probably make a small condition adjustment, but I don't think it affects the value as much.
Home appraisals are a necessary part of any home loan process, whether for a purchase, refinance, or home equity loan. It's important to ensure that your home receives the highest possible appraised value. A high appraised value can save you on mortgage insurance, generate more cash in a refinance, or finalize a sale. Although many renovations generate only a percentage of what you spend on them, there are simple things you can do to increase the value of your appraisal.
The Appraisal Foundation has compiled some important tips to ensure that your remodeling projects maximize their evaluation. Doing an appraisal during a remodel is always a bad idea because the appraiser has to find comparable properties in the area under similar conditions, which means they have to find properties that are under construction like yours. The increase in the value of upgrades varies; anything electrical you do, such as upgrading wiring or adding a cost-effective cooling system, can substantially increase the value of your home and will be reflected in your appraisal, while cosmetic improvements may not affect value as much. Buyers are keenly aware of how much it costs to remodel a kitchen and, in general, would like to avoid doing it themselves.
Keep in mind that losing a room can affect the value of your home based on the expectations of buyers in your area. In addition to giving you an increase in the value of your appraisal, if you are refinancing, you will be able to enjoy the fruits of your remodeling work. See how much you can borrow with a renovation loan for your home remodeling project and learn more about how the home improvement loan calculator works. Renovating cabinets, installing a new backsplash, replacing countertops, and laying new floors give you a greater benefit than a large-scale remodel.
Kitchen and Bathroom Remodeling (We Did Our Best) New and Larger Windows New Hardwood Floors New Paint Front Door Replacement Replace Garage Doors New Oven Canned Lighting in Dark Rooms Remove Popcorn Ceilings Open some walls (if not load bearing) New roof. According to the magazine, some of the most common renovations that pay the most return on investment are new front doors, mid-range kitchen remodeling and bathroom remodeling. It's like your appraiser saying, “OK, your house will be worth just as much once you finish your kitchen remodel, so here's an adjusted value of the house for the extra work.