Need advice for PMI removal

[Kendra Mattson]

I have been house hacking a 4 bedroom in Clairemont for the past 4/5 years. I recently spoke with my mortgage company and they said if I can get my house re-appraised for $505k+, I can request to have the PMI removed. In SD, that seems like a no-brainer, but because of some. . . unique aspects of my property, I'm having trouble finding good comps and I'm worried about whether the $600-$800 investment I'd need to put into the appraisal will give me the return I want.

My biggest concern is that this house was originally built as a 3/1 with a garage, and a previous owner converted the garage to a bedroom. So now this is a 4/1 without a garage. I originally bought it in the low $400ks, and when I refi'd about a year later it came back around the mid/high $400ks. I replaced all the windows between those appraisals, and since then I've replaced all the pipes in the house, but I'm concerned that won't be enough to push me over the amount I need. I've been assuming the worst and trying to compare vs 3/1s since I'm not seeing 4/1s in my area, but while most of those are in the $600ks there are a few in the $300-400ks, and I can't tell why. Does anyone have any advice on the best comps for my situation/ how to best prepare the property for a new appraisal? If it makes a different I have the option to do a full appraisal or have a realtor come through and do an inspection for a couple hundred dollars less.

Thanks in advance for your insight and advice!

[Grant Rothenburger]

@Kendra Mattson

Ask a realtor (hopefully you have a pre-existing relationship with one) to give you some comps and thoroughly compare them to your house. If they're a good realtor and you trust them, have them tell you what they think you could sell for. This won't help for the bank, but can give you peace of mind to pay that 600-800, or know that you shouldn't.

If you don't have a relationship with a realtor already, just try reaching out to some, especially realtors on BP, they'll likely be wiser and more willing to help.