Bought renovated, new appraisal?

I don't understand. Why do you want an appraisal? For validation?

I guess I am a mark to market person;) (j/k) I think it is because my cash investment for the renovation is unspoken for. The value shows up no where really. Is this just not done?

Your renovation is worth whatever someone is willing to pay for it. If you aren't selling your apartment, the value is irrelevant.

you must be an idiot to pay for another appraisal after gut renovation if you're not planning on selling it... plus, what's the point? an appraiser is an independent individual who assesses a value based on comparable listings. His/her appraisal will not affect the price you paid for the property in any governmental records!!!

Why would you appraise your apartment if you're not selling it? Don't you have anything better to do than showing off to your neighbors? Your neighbors don't give a shit about your apartment. Get a life, loser. No one likes you.

Hey take it easy - ok i understand. I asked a quick opinion. I will not seek an appraisal. I get the point. I also appreciate your thoughts - but no reason to get crass either.

I will sit steady - not planning to sell for years to come esp. if there is a correction in the near term.

Your apt could be worth less if you did the electrical and plumbing without
building permits & inspections. Plus you might be fined in the future.

just a ballpark figure (with the given info), but your apt might now be
worth 637,000.

I didn't change any wiring, gas lines or plumbing lines - i didnt need a permit because of that. The building has entered during the renovation process and after as well.

ha ha. . thanks for the ballpark figure. I think all I can do is keep everything for tax time (i.e. receipts for the home improvement). I believe that can be tax deductible.

But as for gut - what i mean is i removed everything and replaced them with new appliances, fixtures (but in the exact same place they used to be). This kept things less expensive, but you can redo everything still.

Apartment had original fixtures which were from 1982 - so that's why I changed it up.

Your renovations are not tax deductible

I think they are not deductible now - but I have to keep all relevant documents for if i ever sell in the future. As capital gains are deducted from purchase price (incl. improvements). At any rate, I know I have to keep all these receipts in a safe place vs. chuck em.

how much did you pay for the place and how much did the renos cost?

There is no capital gains on your primary residence unless you sell it within a year. Don't worry about the tax implications of your renovations.

I believe the cost of the renovations would matter if you sell after 2 years of living there as your primary residence AND have a profit of greater than $250k. Less than that, its tax free anyway, so no big whoop. But if the apt happens to appreciate more than that, then you would want to adjust your purchase price up (by the cost of your renovations) to reduce the tax burden. That's my non-expert view on your situation.

Right now, as you are now well aware, there is really no point in getting a new assessment. Unless knowing the current market value of your apt is really worth that much to you. No reason why it should be.

The brokers here will hate me for saying this, but if you want a ballpark, you could potentially ask a broker to come take a look under the pretense that you might sell. It might not be a complete waste of their time, if you promise to remember them 2-5 years from now, when you are ready to sell...

Ultimately tho, neither the prof assessment or the broker's opinion mean anything. The place will only be worth what you are able to get a buyer to pay for it.