Five years ago, my husband and I flipped our first house. That project was one of the biggest learning experiences of my life. We had to find our way through a complicated project without losing the money that we had invested. One thing that we learned about was getting appraisals done on properties. Unfortunately, we had to learn this lesson the hard way. We didn't have an appraisal done before we started the renovation and when we finished, the value of the home didn't increase enough to give us the profit we wanted. Since then, we learned what projects will boost the value during an appraisal and what won't.