Half-missing Walls In Basement - Finished Or Unfinished?

[lwnexgen]

In a fit of unconsidered remodeling, I removed half of the ugly fake wood wall panelling in the basement, so it is down to the studs. The carpet is still in.

My wife and I looking to refinance - when I bought it my credit score was pretty low so I'm shackled with a high PMI payment. I got a pretty good price on the home (about 15k under the purchase appraisal price) but the original PMI was calculated based on the purchase price, not the appraised valuation.

My question is this:
In order to refinance, I'll need to pay for an appraisal. Will the missing walls in the basement have a significant impact on the valuation? I don't really want to spend the appraisal fee if so.

Is finished basement area included in the comps for an appraisal? Would partially missing walls be enough to classify the basement as "unfinished" (it does have a finished and functional half-bath down there still though, if that makes a difference).

I can provide a few pictures once I get home if it would be helpful, and thanks in advance for any advice.

 

[residentialguy]

Yes, it is unfinished...but it is also curable. How much would it ding your market value? Only your market can tell you that. Personally, I would throw up some sheet rock and finish it. Nothing like the smell of new paint to excite a buyer (or an appraiser)

 

[lwnexgen]

Yes, it is unfinished...but it is also curable. How much would it ding your market value? Only your market can tell you that.

The original appraisal included it as a "partially finished basement" IIRC - I guess a better question would be - would this change that classification?

 

[Mr Rex]

The original appraisal included it as a "partially finished basement" IIRC - I guess a better question would be - would this change that classification?

It would likely reduce the contributory value of the basement to the overall value versus the prior condition. Ugly fake paneling is better than bare studs in most cases. You could have painted the paneling to improve the looks somewhat, but I guess its too late now.

 

[Tom D]

mr rex knows his basements. ugly fake wood paneling looks good painted. beats the 1970 panel/dropped ceiling look. how cheap can you re-panel/paint it again?