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No, the appraisal value comes from an appraiser and is a professional opinion of value based on property location and condition, while the market value is determined solely by what buyers are willing to pay for your home. Lenders normally use appraised values to ensure they’re staying within target loan-to-value (LTV) ratios—the market value is simply what the home sells for. Appraised value can sit above or below market value.

Basement bedrooms can count toward your room count and the square footage of your home on an appraisal if they’re fully legal, which means they have proper ventilation and points of egress, as defined by your local building code. Simply partitioning off a space for a bedroom in an otherwise unfinished basement that isn’t a legal living space won’t affect your appraisal value.

Having a garage installed certainly adds to the value of your home. The consideration is not whether it adds value, but for many, they want to know if adding a garage yields a return on their investment or ROI. While garages can add anywhere from 5% to 20% of the total value of your property, that doesn’t mean that they return 5% to 20% of the money invested in building them. Most homeowners build garages for a purpose but know that you can recover your investment when you sell or refinance.   

A land survey defines and records the physical aspects of a property, including its boundaries, dimensions, easements, features, and sometimes topographical information. In contrast, a land appraisal determines the property's monetary value. While an appraiser will often consult a land survey to understand the property's physical specifications, the survey itself does not determine the land's value.