Yes, they will affect the appraisal.

But, do you need full value appraised? If you know your house will be worth 400k all completed, but you really only need a refi loan for 200k, your house seems like it will appraise for at least the 240 that would be required for 80% LTV.

So, what are your goals for refi'ing? Is it to get a lower rate, for for a cash-out deal?

Also, in my experience, refi appraisals are a little lower than home-sale appraisals.

I've refi'd twice, each time for a lower rate; I am not an appraiser.

We refi-ed in the midst of a remodel, and had rooms without flooring and trim. After scratching her head a bit, the appraiser ended up knocking off $10K from the price obtained by adjusting comps, for the unfinished work.

OTOH, the appraiser may call out something that may be considered code work, and request that it be finished. Depends on how picky the lender is.

Thank you for your responses!
Kirkhall: We currently have a HELOC that we would like to pay off by refinancing. We live in rural midwest, in a small modest older home. When we purchased it, it appraised for 60,000 (2008). It was reappraised two years later for 62,000 with minor changes. In order to pay off the HELOC and roll it into one payment, our appraisal would need to come in at 65,000 to have a LTV of 80%. We have made a lot of changes and updates since that appraisal; remodeled and enlarged our 1 bathroom, remodeled our mud/laundry room, new roof, remodeled upstairs (new carpet, paint, light fixtures, outlets, window treatment). What was previously mentioned is still unfinished from those projects.
If our appraisal were to come out the same as before with no increase, we would still be getting a .5% decrease in our rate and would be cutting our terms from a 30 year down to a 15 year.

And, worth checking then...
What is the rate for a 30 yr?

You have more flexibility for a 30 yr than a 15. You can still usually pay it off in 15 as planned... Or, check into a 20yr.

Is your HELOC the same rate as your current mortgage?

Do you have a sense of what other houses "like yours" are selling for?

Current 30 year is 4.375% 15 year is 3.875% the special is zero closing costs if refinanced to a 5, 10, or 15 year. Current interest on HELOC is 6.5% I think. We currently pay $600/month $345 for MTG (escrowed) and rest on heloc. Plan was to continue to do that until heloc was paid off then throw everything at the MTG. Refinancing just the MTG with no payout our would increase or payments to $430 (escrowed) estimated about $100 more with a $10000 payout. As for other houses... That's the tough thing. I live in a very small section of houses similar to mine. None of them have sold recent enough to use add comps. I don't think. One down the street sold a little over a year ago for $70,000 I think. But it does have a finished basement and a slightly more updated kitchen. Our bathroom is bigger and remodeled more recently. Usually they have to use comps in the city, which are a few decades newer to begin with, have smaller lots, and less garage space.
Hope this helps! Thank you so much for taking the time!