Appraisal during rehab or when the house is fully complete

[Michael Lynch]

I am currently rehabbing the basement of our rental property to add in an additional bedroom, bathroom, and about 550 sq ft of living space. The frame is up and we are waiting on the electrical inspector to come in and take a look at everything. They seem to be taking a while to get to the property. What I would like to do is start the refinance process with an appraisal. Should I wait until the project is complete?