Renovation and Refinance

[Andrew Spinelli]

Hello BP!

This is my first time posting, but have been following BP for a couple years now after purchasing my first property in Graduate Hospital, Philadelphia in 2017.

In 2020 my wife and I rented out our place in Philly and moved to Haddonfield, NJ. We recently did a full kitchen reno, added a powder room and will be putting in a deck this spring on the NJ house.

After these upgrades are complete, it’s our goal to refinance our home at a higher appraised value and use those funds to invest in a multifamily property (still evaluating markets).

I have a good relationship with my lender so was planning on opening the conversation there, but does anyone have any tips, pitfalls, etc. when it comes to refinancing after making renovations?

My main questions are around understanding how appraisers may value the upgraded property, timeline of the refinance process, and any other considerations I may not be thinking of

Thanks in advance! Happy to be a part of the BP community!

Andrew