We're looking to refinance on our house we bought last year to get out of paying PMI. Prices have risen quite a bit since we bought. The house below sold for $832k. It has 200 sq ft more than ours. It was built in 1965. Our house was built in 2004, it has a one car garage and a driveway for another car, central air, and an extra half bath. Do these things cancel each other out ? Both homes are semi attached. This is the closest thing I can find to our house. There are also two other two family homes with 2500 sq ft, completely detached, two car garage that have sold for 860-880K.
The one issue I have is the same house behind us is asking exactly what we paid. The house has been on the market for a while and comes with tenants in both units who are paying a lot less than market value rent.
We are planning on doing the kitchen later this month and maybe solar panels to boost the value of the home.
What do you guys think ?
I'd go to the bank you gave you the loan and ask them to do an appraisal.
See what the property is worth and if it makes sense for you to do a refinance.
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