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Is it necessary to update my kitchen and bath before we have our home appraised for mortgage refi?

We are looking to refinance our home for the first time. Our potential broker mentioned appraisal sites like zillow and cyberhomes do not take into account curb appeal, etc. I'm wondering if our assessment will be higher if we do some low cost updates first?
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June 27 - Saugerties
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Profile picture for CA UMB
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Drop your potential broker! Find one that will work for you! A professional would run Data Quick Comps for you to establish a knowledgeable value. Zillow and Cyperhomes come nowhere close to actual comps. ... Best wishes, Rudi Hofmann
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August 01
No way!  Appraisals are based on total value and neighborhood, location and sq. footage.  Not based on a stainless steel fridge with a 3 coolers.  Although I would appreciate the upgrade, appraisers do not.  Save your money, pray for a good appraisal, refi and then invite us over for dinner!
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July 31
Profile picture for adonato
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The answer to your question is no. It is not necessary to update your kitchen and bath before doing a refinance. You should make those improvements for your own taste or in order to improve its appeal if you are selling the home. 
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July 14
Profile picture for shai megiddo
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Hi,Normally the big dollar amount invested on updating the kitchen and bathroom does not pay since it does not bring the value of the home as much.Don't worry about your zestimate since most times it's not accurate.Who ever helps you with the refi should have a better idea.Only you know how much you owe on the existing mortgage, so again, if you are worried about the appraisal coming "short" consult a professional.
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June 28
Profile picture for Palmdale Mortgage
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That money you are about to blow on updates will give you $.50 cents on the dollar at best. If you are that cash strong use that cash to buy down the rate
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June 27
Profile picture for real estate mike
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If you're referring to bringing your zestimate value up don't bother , it's not even remotely related to your refi situation. If you want a close picture of what your property is worth contact the agent who helped you buy. It could also be worth your money to hire an appraisal but not sure.
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June 27
Profile picture for wetdawgs
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It depends.   Do you feel as if your house is going to appraise too low?   Appraisers are very well educated in the costs of upgrades, and there isn't a single one that gives back dollar for dollar what you spend (unless you are paying only for materials and do all the labor yourself).  

If there are repairs needed (floor rotten, mold etc), then do go ahead with those.

So, my bottom line would be don't bother.    Do the upgrades when you are ready and do them for yourself and your enjoyment of your home.
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June 27
 

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Question Is it necessary to update my kitchen and bath before we have our home appraised for mortgage refi?
  • Latest answer by Rudi Hofmann
  • August 01
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