Suggestions to impact appraised value & tax benefit for 2024?

[Jeff S.]

I bought my first 2 flat in Chicago in 2022 a 203k fha renovation loan, moved in early 2024. March 2025 will be my 2 year mark. Most of the renovations we did were upstairs for the tenants unit (duplex up). Added a bedroom, converted half shower to full shower, etc. Last appraisal we got was $560k (*the reason the appraiser said it was so low was because there weren't enough similar houses sold to really base my home price off of).

Upstairs is a duplex 4b, 2ba
Basement is 1b, 1ba
Shared laundry room

My wife and I live in the basement and tenants live above us. We're looking to renovate something before the end of the year to accomplish 2 things: 

1) Improve home value so we can get appraisal, refinance and leverage that to buy a new property. 

2) Take advantage of the tax credits that are out there in 2024 before the new year or is it better to wait until 2025 and just hold onto the cash I have at hand.

Here is a list of renovations that will need to be done eventually:

*Brand new basement kitchen (cabinets + add seating area - we already have brand new dishwasher, fridge, gas oven)
*New standing shower in the basement bathroom
*New Siding
*AC/Furnace for unit 1 are close to end of life but still functioning
*New Fence/landscaping
*New Windows for the basement
*New Garage (unstable, concrete shifting, very old)
*Solar Panels on the roof (There is a $0 down payment lease option w/ sunrun, but I'm hesitant to move forward)
*Renovate master bedroom closet for tenants (it is old & has built in entertainment center that is very dated)
*Repair Catch basin
*Adding better drainage system for back door.


Greatly appreciate any help, insight or advice!