Newsflash: Any tips on preparing for a cash-out refi appraisal? (NJ)

We took on a major home renovation this year – renovated the kitchen, a small addition to add a bathroom to the main level (only bathroom was upstairs previously), new laundry area (previously in basement), and a small deck.The renovation was estimated at $115K, ended up at about $125K. At the time, we didn’t have enough equity to make it worthwhile to refinance or do a home equity loan prior to construction. Instead, we used more temporary financing methods with the plan to refinance afterwards and roll as much debt as possible into the mortgage.The project is finally done and I’d like to refinance. I’m a little nervous about where it will appraise. I’ve been following the local market, and I think the house should appraise within a certain range, but not sure an appraiser would follow the comps the way I did. We essentially “flipped” this house, though we intend to continue living in it. I don’t expect to get all my money from the renovation back, but obviously maxing it would be great to pay off as much debt as possible.Any tips or advice for how this process works? We are starting the refi and I paid an appraiser fee – so I’m assuming it’s coming, but I haven’t actually scheduled anything yet.



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