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Updated almost 7 years ago,
HELOC related appraisal question
I'm currently looking into a HELOC and wonder if the community can chime in. I am specifically curious about how an appraiser might value upgrades.
In my situation, I bought a new construction home and closed on Memorial Day weekend last year. The same model I'm in is now selling for 92k more than my purchase price. I also added 45k in upgrades. Since I moved in at nearly the same time as all my neighbors, we've forged a pretty tight community. That said, I've toured everyone's house, and I added the most upgrades in my area by a good margin.
How much value will an appraiser account for in terms of the 45k in upgrades? As I shop around from bank to bank, having this information in my back pocket will be a huge plus.
Thanks in advance to those who chime in!
--Justin