donnie Posted May 27, 2015 Report Share Posted May 27, 2015 Just curious if anyone has had an appraisal done on their home after installing an in wall tank... doing a ton of upgrades to my house and I plan to refinance in the spring. Just wondering how the big tank in the wall is going to impact the appraised value. Quote Link to comment Share on other sites More sharing options...
coralfarm123 Posted May 27, 2015 Report Share Posted May 27, 2015 It probably won't make a difference and will not increase value. A lot of time upgrades dont make as much of a difference either unless the home was in poor condition before the upgrades or you add square footage. It mostly depends on the comparable sales in the area with the same approximate square footage. 1 Quote Link to comment Share on other sites More sharing options...
donnie Posted May 27, 2015 Author Report Share Posted May 27, 2015 I knew it wouldn't increase value... I just didn't want to negatively impact the value. I'm doing the kitchen, bathrooms and I've added outdoor living space and new flooring throughout. Pretty good roi on those projects, typically. My house was also obscenely under appraised when I bought it based on the comps. smaller houses with smaller lots and less amenities have recentlt sold in my neighborhood for 20-30k more than what my house appraised for. Quote Link to comment Share on other sites More sharing options...
coralfarm123 Posted May 27, 2015 Report Share Posted May 27, 2015 The market has been improving this past year here too so that is a good thing. When you bought your house there may not have been enough sales in the previous 6 months for the appraiser to use. If you live in a rural area it sometimes can be difficult. It was always more challenging to refi rural due to comps not always being true comparables. If you live in the burbs or in town most if not all of the comps will be from the same neighborhood. Quote Link to comment Share on other sites More sharing options...
MrsBugmaster Posted May 27, 2015 Report Share Posted May 27, 2015 I think it depends on the buyer too. They may just ask you to remove it and replace the wall. 1 Quote Link to comment Share on other sites More sharing options...
donnie Posted May 27, 2015 Author Report Share Posted May 27, 2015 Not selling any time soon, just refinancing... and if I were selling, the way I've built it, the tank could be removed pretty easily... Quote Link to comment Share on other sites More sharing options...
MrsBugmaster Posted May 27, 2015 Report Share Posted May 27, 2015 Then I don't think it will impact the value of the house for refinancing Quote Link to comment Share on other sites More sharing options...
3FordFamily Posted May 28, 2015 Report Share Posted May 28, 2015 Then I don't think it will impact the value of the house for refinancing Agree. It probably won't make a difference and will not increase value. A lot of time upgrades dont make as much of a difference either unless the home was in poor condition before the upgrades or you add square footage. It mostly depends on the comparable sales in the area with the same approximate square footage. I have a lot of experience in the mortgage industry, particularly refinance, and I assure you it will not increase your value. That isn't to say a prospective buyer wouldn't be willing to pay more for it (I would) but those borrowers are fewer and further between. That said, if an appraiser or mortgage company wants to make a big deal out of it, it COULD cause an issue for refinancing. The (poor) logic being that they couldn't find any homes that were comparable in the area and that this was such a "one off" home that they didn't feel comfortable with the appraised value and reject the loan. I would say this is very, very unlikely but having worked for two companies (one very conservative that probably still wouldn't do this, and another that was VERY liberal and only cared about making the loan), I do have some experience here. 1 Quote Link to comment Share on other sites More sharing options...
PatO Posted May 29, 2015 Report Share Posted May 29, 2015 It's prolly similar to modifying cars. The more you modify and make it specific, the less amount of people you pertain to. Someone Like me may pay more for that, but most will pay less since they have to "fix" that part Quote Link to comment Share on other sites More sharing options...
3FordFamily Posted June 6, 2015 Report Share Posted June 6, 2015 It's prolly similar to modifying cars. The more you modify and make it specific, the less amount of people you pertain to. Someone Like me may pay more for that, but most will pay less since they have to "fix" that part Yup i have always sold my modified cars for way more than they were worth stock but ONLY because I waited (1-2 years often) for the buyer that wanted all of that cheap and planned to do it themselves in which case my car saved them a fortune- but yes it limits your buyers exponentially Quote Link to comment Share on other sites More sharing options...
roush2000 Posted June 7, 2015 Report Share Posted June 7, 2015 I have heard from a few realtors that it usually doesn't take away from the value, especially if it looks professional. But that it will never add to the value unless u get some dork like us buying the house. I SAY DO IT! 1 Quote Link to comment Share on other sites More sharing options...
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