Increasing Property Value

[Davian M.]

Hi BP,

I am in the process of renovating a cash purchase that I just closed on. Considering that I used my own funds to secure this property I have limited resources left to secure an additional property for the time being. I intend to do a cash out refinance after meeting the 1-year seasoning requirement and wanted to know what are some good websites that can give me an estimated appraisal value of the property (I have already tried Zillow, Truila, Totalview, and eppraisal. I purchased this property about 30% below market value as the seller was ‘highly motivated’ and will put another estimated 10k into the property by redoing the floors throughout the entire house, painting all the walls, updating the bathrooms, changing out the entry doors, light fixtures, and finishing the laundry room. Will these changes help increase the property value when it is time for me to have the property appraised for a cash out refinance? Any thoughts that you can share will be greatly appreciated.

Regards

Davian