My husband and I are feeling really naive and like we missed a huge opportunity. We just bought our first home and closed on it in May and just moved in mid July. It's a duplex and we had to wait for the tenants to move out of the bottom floor we are living in so it took us a while to realize some of the work that needed to be done. The house is in Miami.
We paid $290k and put 20% down ($58k) and paid about $12k in closing costs etc. We asked MULTIPLE times during the process about rolling home improvement loan into the mortgage and were told they didn't do that and it would weaken our offer. I can't remember the specific reason they said no because once they said no, we sort of stopped asking.
The house is in good condition but after living here, we realized we'd like to do some work:
1) replace the windows with impact windows
2) fix some sags in the floor
3) demo a really poorly done and structurally weak bathroom and redo it (the sags in the floor are around the shower)
4) replace the central air
we've gotten quotes for everything and the work is coming in around $20k. When I inquired about home improvement loans, I was immediately chastized and they said "you missed that opportunity! why on earth didn't you do that BEFORE closing!? if you do it now, you have to pay closing costs again" I was told our only options were the 203k loan, which requires another $10-$12k in clsoing costs (so more than half the amount of the loan we'd need) or a personal loan which would be 5-10 year payback and high interest.
We feel pretty depressed and stupid right now. This whole experience has been such a learning process but this feels crazy. I wondered if anyone had any input or any differerent info.
Thanks!
