LisaT

Mind if I ask you a question?

On our kitchen re-do, will it increase the value of our house 100% of what we put into or more or less?

sorry, didn't see this...

Its not quite as straight forward as that. Appraisals are approximate valuations based on recent sales and how your house compares. How much you spent on the kitchen isn't really considered - its more that the condition of your house is improved as a result of having a new modernized kitchen.

Whether the increase in value is more or less than you've spent depends on how much you've spent (not from an apprisal standpoint, but in order to answer your question).

If its $10K, you'd probably see that increase in the appraisal. If you spent $30K, you probably wouldn't see that much of an increase from the kitchen alone, but its not impossible (the price range and general condition of your house would play a part...)

Often the amount of $$ put into a house doesn't equate to a direct increase in the home's value. Putting $100K of 'improvements' into a house doesn't automatically make it worth $100k more...but depending on what was done, maybe it does...

HTH

just took another look at your before & after pics - WOW! Thats a huge difference!

That was a total gut and remodel including removing walls, etc. Again, I don't know how much you spent, but you have definitely made a considerable improvement to the house, and the appraisal would reflect that.

We're in the middle of the same thing -currently in the destruction phase...I can't wait until its done!

Agh that all makes sense! Thanks for the appraisal help and thanks so much on the kitchen compliment!


We currently pay PMI so I am just trying to figure out if I should get a new appraisal now, or wait a year until we get a new roof put on.
The destruction phase was my favorite phase! a Kitchen re-do is hard work (are you guys doing it yourselves?) but man when you see that finished product, it is SO worth it.

we are doing it ourselves...we had a drop ceiling that had to go, and then plumbing that had to be moved and wallpaper taken down, a pantry eliminated... Now we need to order the cabinets and finalize the design...

when did you buy? Banks generally make you wait a year before you can remove PMI.

If its already been a year, the appreciation on your house plus your improvements could do it. I don't think you need to wait for the roof (unless the roof is leaking, it won't greatly affect the appraisal)