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Refinance To HUD Loan Basement Ceiling

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Zorty

Freshman Member
Joined
Oct 10, 2016
Professional Status
General Public
State
Illinois
Doing a HUD refinance. There is a finished basement. No bedrooms or carpet (vinyl tile on floor).

The basement ceiling tile was removed to replace galvanized with copper (stapled to rafters type). Because the ceiling tile was sagging in a few areas I decided to remove all of it with the plan to replace it. My home has some cold/hot areas. One of the areas that is cold has no nearby return air vent. My plan has been to get this fixed but believe that more vents will need to be run to correct. For this reason I have not replaced the basement ceiling yet.

I’m wondering how this will negatively impact the appraisal value of the house.
 

Artemis Fowl

Senior Member
Joined
Mar 16, 2004
Professional Status
Certified Residential Appraiser
State
Michigan
Pretty much impossible to say from here. A good guide might be to honestly ask yourself if you would pay any less for a property without ceiling tiles in a minimal finish basement vs. a property with ceiling tiles. Is it a big deal or could you honestly care less? Try a neighbor's or friend's opinion on the issue if it's too large in your consciousness to step back from. Other than waiting to see the result of an appraiser's analysis relevant to your market, there is really no good way to answer the question as presented.
 

techbiker

Sophomore Member
Joined
Dec 4, 2015
Professional Status
General Public
State
Texas
Doing a HUD refinance. There is a finished basement. No bedrooms or carpet (vinyl tile on floor).

The basement ceiling tile was removed to replace galvanized with copper (stapled to rafters type). Because the ceiling tile was sagging in a few areas I decided to remove all of it with the plan to replace it. My home has some cold/hot areas. One of the areas that is cold has no nearby return air vent. My plan has been to get this fixed but believe that more vents will need to be run to correct. For this reason I have not replaced the basement ceiling yet.

I’m wondering how this will negatively impact the appraisal value of the house.

Just replace the tiles with new ones until you get around to fixing the vents. You can get some decent ones for less than $1.5 per square foot. How large is your basement? It's not worth risking a lower appraisal when the fix is relatively cheap and easy imo.
 
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