Appraisal Value after improvements?
Answers:
Alot of it depends on what homes in your neighbor hood with the same square footage are selling for.Just ask a reator to come out and tell her you are thinking about selling if you don't mind telling a little white lie.You probably don't have that much equity built up and you can only borrow a percentage of equity value
Other answers:
hire an appraiser
hire an appraiser
If you bought it for $110,000 and have documents and you put in $20,000 in improvements and have documents, the $88,000 was a WAG estimate, go for it.
I agree with WUILGAN MORAN. hire an expert, this is no place for this type of question. However, i believe if you bought the house at below market value, it should appraise for more. Given, if you bought it cheap because it was in very bad shape and your repairs have made a normal house, then it should appraise for more. Otherwise, your upgrades would mean nothing. Lastly, check what a similar house (after upgrades) is going for in your neighborhood, that should give you a good idea.
If your facts are correct you will be pleasantly surprised. It should appraise much higher.
House value is usually appraised at the last purchase price paid or above. I can't guarantee you'll get that of course, and if you paid too much for the house, you'll be in trouble. But it will likely get appraised at least at what you paid for it.
First, I'll assume the 88K is a tax assesment.
Second, most improvements, especially interior are not taxed or known to a tax assesor, and can only add profit that the market will bear. Certainly you can add costs to a selling price and in fact an equity lender may want to inspect the interior to determine value, but very often the amount you put into cosmetic improvements is not recaptured at 100%.
There is an older question I answered having to do with a GREAT site that estimates house values, and has GPS ability. It even shows the house from the sattelite and states the rooms, etc.
Willow something,,, I'll see if I can find it.
In any case I suggest you don't stress about getting the loan. with home prices escalating still, I suspect your house could be valued as saleable for double.
Rev. Steven