Home Appraisal Disagreement

[Jake Tilleson]

I had a property appraised in April of 2020 and then again in January 2021 to refinance. Between the two I converted the back half of the attached 4 car garage to a livable rec room/addition (approx 500 sq/ft) and had the exterior of the house re-painted/landscaped. The new appraisal valued the home $10,000 less than the appraisal in April of 2020. Based off appreciation/market alone without any improvements the house should increase in value ~2%. 

I am looking for advise on what investors do when they do not agree with the appraisal of a property. Do banks re-adjust appraisals with additional comps/info provided to them, pay for a second appraisal? 

Thanks, 

Jake