Is it worth it?

Question

Greetings, I have a general question. I am looking at doing a renovation on a basement. The renovation is expected to cost $50,000. Here is the question, If the house appraises for $700,000 and I do the renovation, would that raise the overall appraisal of the house?

Thank you in advance for your assistance.

Janice Carter · Answer

Matthew, it can but not necessarily dollar for dollar. Appraisers typically look at comparable homes with similar finished basements to determine the added value. A $50K renovation might increase the appraisal but the increase depends on the quality of the work, whether it is permitted and how comparable homes in the area are valued.

Matthew Mackey · Answer

@Janice Carter thank you for you insight.