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I've been entertaining a refinance on my house b/c I've been stupid and riding a much higher rate since December of 06', when I built the place....but even more-so because I've been planning to build a shop and would like to take a little cash out to do-so....knowing that I've actually added a lot of equity to the place since I built it.
Some details...
- Built the house in 06'...carried my own construction loan and therefore ended up with a good rate once converted (for the time) however...
- A refinance today would net me ~2.49% in the green.
- Since the time that I built the place I have 90% completed a previously unfinished space (media/game room) that is ~980 sqft, and also adds a 1/2 bath and additional office....not a BS office either....nice shit all built-in, video surveillance hub for the entire property, somewhat hidden like a panic room, etc. (Yup...I'm weird like that....AR and various other "long rifles" now reside in that room
).
- We built the house right at $100/sqft, and at the time the builder quoted $80K more to finish out said room above. That was cheap on a price per sqft view, but I've contracted and also done a lot myself to bring that down a lot more in the past couple years.
- Houses in my area are ALL selling <30-days on market.....all between $114-$118/sqft.
So the finance broker sends some totally fucking asshole appraiser out here today who tells me he cannot and will not give me ANY credit for the 980sq/ft + office + 1/2 bath that I've added on to my house, because I haven't yet carpeted that area and I also need to finish out some trim (mostly base board after I have it carpeted). Doesn't matter that EVERYTHING else is done, and I've spent ~$45K in electrical, HVAC, insulation, drywall, paint, fixtures, built-ins, etc, etc. This dipshit is trying to tell me it is all or nothing for this space to be included in the home appraisal....and he wouldn't include this entire space simply because we don't yet have it carpeted!
I haven't laid carpet b/c we are still building the bar (a really fucking nice one at that), and we are putting some stone in some areas. We'll need to finish out the base boards after the carpet is in, of course.
So bottom line...this dick is telling me that my house is worth the same money I built it for in 06', even after I have (documented) tens of thousands in improvements, which happen to include a (uncarpeted) 980sq/ft worth of 3 new rooms that are heated, cooled, painted, etc....I won't even begin to talk about the concrete work with RV hookups, landscaping, security system, over-sized garage, etc, etc.
Bottom line....I've watched several of my neighbors walk with a big profit, I have the second biggest home in the neighborhood that has grown and is nicer curb appeal, street, etc...yet my shit is worth way less than everyone else? ...worth the same price per sqft that we paid ~7 years ago even after +980sqft and tons of upgrades.
Any apprisers care to explain to me how this works....or was this guy just an idiot??
BTW - I asked him to leave after a small argument...then he bowed up on me...at which point I told him he'd better leave. That was about the only smart thing this idiot did in the 30 or so minutes he was here. I'm really normally a pretty nice guy in person, but I was about to tear an arm off this fucker.
Some details...
- Built the house in 06'...carried my own construction loan and therefore ended up with a good rate once converted (for the time) however...
- A refinance today would net me ~2.49% in the green.
- Since the time that I built the place I have 90% completed a previously unfinished space (media/game room) that is ~980 sqft, and also adds a 1/2 bath and additional office....not a BS office either....nice shit all built-in, video surveillance hub for the entire property, somewhat hidden like a panic room, etc. (Yup...I'm weird like that....AR and various other "long rifles" now reside in that room
). - We built the house right at $100/sqft, and at the time the builder quoted $80K more to finish out said room above. That was cheap on a price per sqft view, but I've contracted and also done a lot myself to bring that down a lot more in the past couple years.
- Houses in my area are ALL selling <30-days on market.....all between $114-$118/sqft.
So the finance broker sends some totally fucking asshole appraiser out here today who tells me he cannot and will not give me ANY credit for the 980sq/ft + office + 1/2 bath that I've added on to my house, because I haven't yet carpeted that area and I also need to finish out some trim (mostly base board after I have it carpeted). Doesn't matter that EVERYTHING else is done, and I've spent ~$45K in electrical, HVAC, insulation, drywall, paint, fixtures, built-ins, etc, etc. This dipshit is trying to tell me it is all or nothing for this space to be included in the home appraisal....and he wouldn't include this entire space simply because we don't yet have it carpeted!
I haven't laid carpet b/c we are still building the bar (a really fucking nice one at that), and we are putting some stone in some areas. We'll need to finish out the base boards after the carpet is in, of course.
So bottom line...this dick is telling me that my house is worth the same money I built it for in 06', even after I have (documented) tens of thousands in improvements, which happen to include a (uncarpeted) 980sq/ft worth of 3 new rooms that are heated, cooled, painted, etc....I won't even begin to talk about the concrete work with RV hookups, landscaping, security system, over-sized garage, etc, etc.
Bottom line....I've watched several of my neighbors walk with a big profit, I have the second biggest home in the neighborhood that has grown and is nicer curb appeal, street, etc...yet my shit is worth way less than everyone else? ...worth the same price per sqft that we paid ~7 years ago even after +980sqft and tons of upgrades.
Any apprisers care to explain to me how this works....or was this guy just an idiot??
BTW - I asked him to leave after a small argument...then he bowed up on me...at which point I told him he'd better leave. That was about the only smart thing this idiot did in the 30 or so minutes he was here. I'm really normally a pretty nice guy in person, but I was about to tear an arm off this fucker.
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