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Old 05-08-2012, 09:40 AM
 
1,751 posts, read 3,688,178 times
Reputation: 1955

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Okay< I didn't build it, but I paid for it! My house has 200 sf of new living space. I know I need to call my insurance company, and because the house was properly permitted the city knows I now have the extra square footage. I assume that if they want to collect taxes on it they will do so.

But does this affect the value of my house as far as the mortgage company is concerned? Or is that all speculative until I actually sell the house and it is worth more than I paid for it (theoretically ;-)
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Old 05-08-2012, 10:12 AM
 
Location: Ontario, NY
3,516 posts, read 7,781,563 times
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Quote:
Originally Posted by librarySue View Post
But does this affect the value of my house as far as the mortgage company is concerned? Or is that all speculative until I actually sell the house and it is worth more than I paid for it (theoretically ;-)
Depends. I guess you could have the house re-appraised and if it didn't depreciate too much since you purchased/got the mortgage for it, it would be more valuable. The only question it why would you do so? Unless you have to carry PMI insurance and the increased value of the house gives you 20% equity where you can make a case to allow you to drop it or you want at least 20% equity so you can take out a home equity loan I don't see the point. Honestly I really don't know how much value is in a 200 sq foot addition. (14ft x 14ft) I wouldn't expect it to make much of an impact in the value of your house unless it was only 600 or 800 sq ft to begin with.
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Old 05-08-2012, 10:29 AM
 
1,751 posts, read 3,688,178 times
Reputation: 1955
Thanks TG....

Good point, I don't have PMI so I'll just leave it as it is.

Yes, it was only 800 sf to begin with! I had two teens sharing a 12 x 12 bedroom, so a new 14 x 14 room....priceless!
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