“Home Improvements don’t Always Equate to Value”
I have received the appraisal report and I am confused. I have finished all work on the house (especially the listed things as the appraiser told to get those completed) and it is in better condition than it was last year. The value is continuing to drop?
We’ve made lots of improvements, but the value went down again.
Home improvements don’t always mean that the value will increase, especially in some markets. We could not get a refinance done last year but the client was convinced that based on the improvements that were made the value will have increased enough to be able to accomplish the refinance.
Fortunately we are close enough for the owners to take money out of pocket to have the refinance accomplished, but that is not the case for many.
Image courtesy of renjithkrishnan/freedigitalphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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