Refinance Appraisal - House still under development

[edro]

I am refinancing the house that we have completely remodeled.
There are still some major things under work and I am concerned with how it might affect the appraisal.

1. Master Bathroom is half way done (looks like its under construction)
2. Installed deck. Deck railing is not installed yet.
3. Front porch was removed to rebuild as deck porch, so we have no front porch.

Other than that, we have completely renovated the rest of the house. All new hard wood flooring throughout, raised ceilings by 12" and new drywall throughout. New bathroom, new kitchen.

We know that the upgrades will improve the value of the house (getting us out from PMI), but I am worried the deck, porch and bathroom issues might negatively affect the appraisal.

I know refinance appraisals are lax, so maybe the issues don't matter.
Still, if it would cause the property value to drop and waste every ones time, I would rather wait 9mo and refinance then, when everything is complete.

Opinions?
Has anyone had their house appraised while it was being worked on?

 

[SandEagle]

don't let the state auditor find out about the improvements or they'll raise your taxes

 

[edro]

don't let the state auditor find out about the improvements or they'll raise your taxes

Crap! I just sent the state auditor photos of my renovation.

 

[IndyColtsFan]

How close are you to getting the repairs done? Rates will likely be low for quite some time so why not wait for the appraisal if you're close to being finished?

 

[consolibyte]

Most of the time a refinance while you're renovating will require them to come back and re-inspect *after* all of the renovations are done. e.g. you refinance now and the appraisal is based on what you say the house *will* look like after the renovations are done, and then they come back in 6 months to check to make sure everything you said was going to be done, is done.

 

[edro]

How close are you to getting the repairs done? Rates will likely be low for quite some time so why not wait for the appraisal if you're close to being finished?

That might be the best choice...