Thursday, June 24, 2021

appraisal in

We really liked this picture he got. Said it is actually from the road and he zoomed in with his iPhone.

We bought it for $165,000 03/09/2018.

It appraised for $400,000 06/23/2021.

I am glad we both were sitting down when that phone call came. 

We figured $300,000 to $310,000 (we even bet, loser had to do to the other's chores for a week) with putting utilities in along with ADA wheelchair bathroom and ADA wheelchair ramp on deck. Our mortgage guy thought $275,000. 

So I went through the appraisal to see what the boost was from

Stable housing area... there are 2 house in our area for sale... that is it Both were around $270,000 but didn't have the land or barn.  Land WAS going for $9000. acre NOW is at $15000/acre. We have 4 acres more than they did. So $36,000 for the land should have been $306,000 . At $15000/acre it should have been $330,000.

Went from 2 bedrooms to 4... could become 5 if we ever raise the roof line on the north/south lofts and put in a wall. As it was he counted it as ONE bedroom.  We have thought about it as it's like an A frame and we do use it for bedrooms and non food storage(which is moved to the barn for now with thoughts of keeping it there with some metal cabinets to keep mice out of it). 

We have a walk in/out basement with 2 rooms that could be finished into bedrooms. SO the potential of 7 bedrooms is there. 

We have 200 amp service to the BARN so it could become a business or another home. As what we call the 1st bay was actually a studio apartment for the original owner while he built this house. The plumbing for bathroom is there (toilet and shower is not, we capped everything) Sink is still there. We have the water off to it because it's not heated in that area. 

We have landscaped. A dozen trees, bushes and perennial fruits.

SO definitely no PMI as we now have 40% equity in the property. 


  1. I know you love to have lots and lots of work on your to do list, but may I make a suggestion? Rather than spend a huge amount of money to raise the roof so the house is worth even more when it is sold, just concentrate on paying off the mortgage so you and hubby can relax in your older years. After all, it will probably be your heirs who will be selling your house and you don't need to kill yourselves for them. They will have a nice inheritance as it is.

    1. actually we are one of the smallest homes. Around here most homes are 5 to 8 bedrooms and are closer to 4000 sq ft. It was hard for the appraiser to find homes with only 4 bedrooms so we were compared to 5-7 bedrooms.

  2. We haven't had an appraisal, but from Open Door we had insanely high estimates. Your estimate appraisal is at least grounded in facts. Do you know what you put in the improvements between your purchase price and todays appraisal or was that mostly swat equity?

    1. we have receipts as that is needed to be used in taxes against capital gains if we sell it or when Son 2 auctions it off. Most was based on cost of materials and any labor costs we paid.

  3. What wonderful news, my friend. You have worked so had both of you and you deserve this blessing.

  4. Awesome! All your hard work paid off!

  5. Wow and good for you ! You work so hard and it's nice to see something good happen for you.