Last week, my husband and I got our house appraised. The appraiser was very thorough and made sure to write down all of the improvements that we've made. We got the appraisal back today and unfortunately, none of the improvements have added any value to our house. I'm devastated. Our house appraised for $21k less than it did 4 years ago and about $40k less than we needed to be able to refinance and get rid of PMI. We're not upside down on our mortgage, but the appraisal is less than we bought it for and only about $10k more than we owe. The whole thing is crazy to me considering that we bought after the market crashed and have done a TON of improvements.
We've added all new windows and exterior doors, a new deck, a new furnace and a/c condenser (added the central air), a shed, new countertop, sink, and appliances in the kitchen, new carpets in the bedrooms, and a new vanity and toilet in the bathroom. Not only that, but with all of the painting and landscaping we've done, it's much prettier than it was 4 years ago. I can't believe we've lost value. I just can't. We're not looking to sell, so it's not the end of the world, but I'm just so upset that we've put our blood, sweat, and tears into this house and we've lost value.
My husband talked to the mortgage broker, but he hadn't seen the appraisal yet. He's going to "see what we can do," but there's no way we can lower our payments at this point.
No comments:
Post a Comment