Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 5 years ago on . Most recent reply

User Stats

18
Posts
5
Votes
Arturo Pena Miranda
  • New to Real Estate
  • Orlando, FL
5
Votes |
18
Posts

Maximizing Appraisal Value of Home Via House Hack

Arturo Pena Miranda
  • New to Real Estate
  • Orlando, FL
Posted

Hi BP Community,

My wife and I recently bought a home in Orlando, FL. We used conventional, 3% down payment loan. For that reason, we need to pay PMI. We wish to remove PMI as quickly as possible and would like to convert a part of our 600 sq ft garage into another room.

We are not sure about the specifics of the conversion.  Would converting half of the garage and leaving a one-car garage maximize appraisal value?  Would leaving two spots maximize appraisal value?  Would the conversion, in fact, hurt the value?

Please let me know if you have thoughts on this issue.  Ideally, I would like to be able to contact an appraiser in the area and would be interested in hiring his services for suggestions on how to maximize value.

Many thanks in advance.


Most Popular Reply

User Stats

1,377
Posts
2,124
Votes
Tyler Gibson
  • Real Estate Agent
  • Orlando, FL
2,124
Votes |
1,377
Posts
Tyler Gibson
  • Real Estate Agent
  • Orlando, FL
Replied

@Arturo Pena Miranda The fastest way to get rid of the PMI is to pay down the loan. Unless the house was in distress when you bought it and you are fixing it up it will be hard to force appreciation. Using time and principal paydown you should be able to get to 20% equity and then petition the bank for revaluing and removal of PMI.

business profile image
GPG Team
5.0 stars
77 Reviews

Loading replies...