Is paying for a home reappraisal worth it if you aren't selling?
Homeowners often wonder if getting a home reappraisal is worth the cost when they have no plans to sell, simply wanting to see how much value their home improvements added. However, lower automated bank valuations can negatively impact loan terms, such as pushing a HELOC to 100% LTV and resulting in higher interest rates.
What people tried
Every workaround mentioned in the threads below. We haven’t tested any of them — and nobody here is claiming they worked.
- 1Asking a real estate agent for their opinion on how much additions add to the home value in the local area
- 2Getting an assessment to adjust homeowner's insurance coverage for major renovations
- 3Shopping around for different lenders with more lenient appraisal processes
- 4Paying out-of-pocket for an independent appraisal
- 5Utilizing alternative financing options such as roofer financing or zero-percent promotional loans
In their words
Unedited, grouped by where they were said, most upvoted first within each place, each linked to the thread it came from.
“Bought a home a few months ago and have done a ton of work. Was wondering if there are any benefits to getting it re appraised? Is it worth the money? I have no plans on selling but am curious as to how much value I added with all the work we did.”source ↗
“They approved enough to cover the roof, but because they valued the house at only $414k, the HELOC puts us at 100% LTV and comes with a higher interest rate and less favorable terms.”source ↗
“When we first applied, the bank's automated valuation came back at $414k.”source ↗
Where this came up
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