basement egress window in Pittsburgh, PA

[drabber13]

I am a homeowner that is refinancing and I recently had a large egress window installed in my basement in a room that is used as a bedroom. The egress window meets all of the UBC code standards for egress windows for bedrooms, and the window well is large enough so that someone can easily exit in case of a fire. I also updated several other things in the house such as adding new appliances (Refrigerator, dishwasher, range) and a new furnace was installed this week. We bought the house 3 years ago and it appraised at $288,000. In order to refinance the house I need it to appraise at a minimum of $288,000. Does anyone know if the appraiser will count any of my improvements into the new appraisal? For example, will the basement egress window increase the value of my home.
Thanks ahead of time for any help.

 

[vanguard]

The refrigerator and range are considered personal property and will probably not contribute anything. Although the dishwasher is a more permanent appliance, its' value may not necessarily be recaptured. As far as the new egress window in the basement, you may not be able to recapture this because you are accommodating fire code requirements for what may have been an unpermitted bedroom that already exists. Your furnace is considered a typical replacement item. An appraiser who is geographically competent for your area will have to determine whether market values have increased or decreased in the past three years.

 

[Mike Garrett RAA]

I can't comment on your market but I can on mine. Improvements do contribute to value; however, how much depends on how the market reacts to it. Pretend you are a buyer...would you pay more for a house with a daylight window on the basement level? Do other houses of a similar age in your location have such a feature? Was it really necessary or required by code? As far as appliances go, we have many homes that were foreclosed on here and sold to investors who renovate them before returning them to the market. Most end up with new stainless steel appliances. Most of the appraisers I know (we have four in the family) make an adjustment of $1,500 to $2,500 for new SS appliances. Again, it's what the market perceives the value to be rather than a cost basis.

Many parts of the country have experienced some improvement in real estate values...others have not and are still declining. A local appraiser would be more knowledgeable about what is happening in Pittsburgh.

I wish you well.

 

[drabber13]

One more thing....we also replaced our main stairwell going from the main level to the upstairs level. The original steps were carpeted and we had hardwood stairs installed to match the existing hardwood floors. Are improvements like these considered in the appraisal?

 

[vanguard]

Your new stairwell could be considered a quality or condition issue and may contribute value; although, as in any market recapturing the total invested amount may be difficult to do.