topic Re: MIGHT BE A SILLY QUESTION BUT I HAD TO ASK in Mortgage Loans

MIGHT BE A SILLY QUESTION BUT I HAD TO ASK

bsal — Thu, 22 Oct 2009 23:07:36 GMT

I JUST RECENTLY BROUGHT A BANK OWNED HOME THAT I'M SUPPOSE TO BE CLOSING ON SOMETIME TOWARDS THE END OF NOVEMBER MY QUESTION IS THE HOUSE NEEDS A LITTLE COSMETIC WORK LIKE CARPET PAINT AND KITCHEN, NOW I WOULD LIKE TO PUT SOME HARDWOOD FLOORS IN MY KITCHEN AND IN THE WALK WAY WHEN U ENTER THE HOUSE, I ALSO WANT STAINLESS STEAL APPLIANCES ALONG WITH RECESS LIGHTS IN THE KITCHEN AND BASEMENT, NOW MY REALTOR IS TELLING ME I CAN GET ALL THAT DONE AND THEN SOME WITH MY 8K TAX CREDIT , SOMEBODY WHO HAS DONE WORK ON THERE HOUSE DO U THINK 8K IS REALISTIC IN GETTING ALL THAT WORK DONE IN MY NEW HOME?, I THINK HE IS LYING TRYING TO GET ME IN THE HOUSE BUT THAT HOUSE IS NOT MOVE IN READY IT NEEDS WORK BEFORE I MOVE IN AND IF ITS MORE THEN 8K I DON'T THINK I WILL GO THREW WITH THIS HOME PURCHASE WHAT DO U GUYS THINK PLEASE HELP ME I'M NEW AND A LIL SCARED

Re: MIGHT BE A SILLY QUESTION BUT I HAD TO ASK

Anonymous — Thu, 22 Oct 2009 23:16:37 GMT

It's hard to tell.

If you are doing most of the work and the areas are not that small then maybe.

But, it all depends on if you want real hardwood or laminate, do you want stainless steel appliances or really high end stainless steel appliances, etc. Nice carpet verses cheap carpet.

Re: MIGHT BE A SILLY QUESTION BUT I HAD TO ASK

bsal — Thu, 22 Oct 2009 23:22:51 GMT

well i have a contractor thats going to be doing most of the work the hall way en tress is not that big and the kitchen is big but now extraordinary big, like i said i'm have a contractor doing most of the work he is going to be coming out to the home next week and take a look at the place and give me a estimate but i'm guessing its going to cost more i just don't like being lied to just to get a sale. but i dunno i'm new at this home owning thing and i just don't want to get ripped off

Re: MIGHT BE A SILLY QUESTION BUT I HAD TO ASK

Anonymous — Thu, 22 Oct 2009 23:28:25 GMT

Depends on how much square feet you are talking about. Flooring is sold by the sq ft. If its small rooms its possible.

Re: MIGHT BE A SILLY QUESTION BUT I HAD TO ASK

Anonymous — Thu, 22 Oct 2009 23:39:09 GMT

It all depends upon the quality of work and the quality of materials. I am sure you could get it done for 8K for some flooring adn new appliances, but it depends on what you want.

A newer "french door" style fridge with ice/water in the door will run you 2500 or more but you can find a basic stainless steel fridge for under a grand. It's the same with all of the appliances as far as pricing goes. You can easily spend 10K replacing appliances or you could probably come in closer 2-3K if you just get the cheaper models that look nice. Flooring is the same.

But you are not going to be able to roll in and install all brand new to of the line Kitchen Aid stuff, and put some nice solid cherrywood floors down for 8K that is for sure.

BTW, the realtor is not lying to you. It is not his job to determine costs on upgrades, but yours. He is just stating that you could use the tax credit to help offset some of the upgrade costs.

Re: MIGHT BE A SILLY QUESTION BUT I HAD TO ASK

DallasLoanGuy — Thu, 22 Oct 2009 23:49:31 GMT

get some estimates

Re: MIGHT BE A SILLY QUESTION BUT I HAD TO ASK

donkort — Fri, 23 Oct 2009 01:52:12 GMT

I've seen French door fridges for $1,600, plus tax. I forgot the store, though. I don't think it was stainless steel, though.

I've seen side-by-side, 25 cubic inch, stainless steel fridges with ice-maker for $900 plus tax--at Sears

Re: MIGHT BE A SILLY QUESTION BUT I HAD TO ASK

Anonymous — Fri, 23 Oct 2009 04:30:41 GMT

As everyone else said, definitely need some square footage numbers to give you a better idea. I used to sell appliances and now I sell flooring, can you do it for $8,000? Well yes and like other says it will not be top of the line. With appliances and hardwood again it would all depend on the sizes because there's a big difference between 300sq ft of hardwood flooring and 1000sq ft of hardwood flooring. The major expense you're looking at in labor is going to be the hardwood labor many times that can around the same price as the floor itself.

Re: MIGHT BE A SILLY QUESTION BUT I HAD TO ASK

bsal — Fri, 23 Oct 2009 08:05:56 GMT

THANK YOU GUYS FOR ALL YOUR ADVISE... I GUESS THE MAIN THING I HAVE TO DO IS JUST GET SOME SQUARE FOOTAGE ESTIMATES AND I WILL FIND OUT AND LET YOU GUYS KNOW, THANKS ALOT AGAIN GUYS, I'M JUST A LIL SCARED THIS IS MY FIRST HOME. BTW ITS A 3 STORY TOWN HOUSE 3 BEDROOMS 2 AND HALF BATH 1 CAR GARAGE BASEMENT, I GOT IT FOR 210K WITH A 4.7 INTEREST RATE

Re: MIGHT BE A SILLY QUESTION BUT I HAD TO ASK

ShanetheMortgageMan — Fri, 23 Oct 2009 17:46:02 GMT

@DallasLoanGuy wrote:
get some estimates
+1 You need to have the contractor who you plan on doing the work come through and give an estimate for everything to be done. Don't rely on anyone else's estimates other than the contractor you are going to use.

Re: MIGHT BE A SILLY QUESTION BUT I HAD TO ASK

kai_1103 — Sat, 24 Oct 2009 01:35:16 GMT

Just my experience but I have to warn you. If it requires a contractor then it would be incredibly hard to do under $8,000 if you are including a kitchen. Get a ton of estimates, make youself a list of every last thing you will need. Check out prices to make sure no one is hosing you, and you will get a good idea what it will cost. Then a good rule of thumb is to double it. You never know!

Maybe you can do a spruce up in the kitchen, but get some of the other things done. Save up for a kitchen... they can sure be pricey is you are talking cabinets, countertops, etc.

Good luck!

Message Edited by kelaykay on 10-23-2009 06:35 PM

Re: MIGHT BE A SILLY QUESTION BUT I HAD TO ASK

Anonymous — Mon, 26 Oct 2009 23:40:39 GMT

@bsal wrote:
I THINK HE IS LYING TRYING TO GET ME IN THE HOUSE BUT THAT HOUSE IS NOT MOVE IN READY IT NEEDS WORK BEFORE I MOVE IN AND IF ITS MORE THEN 8K I DON'T THINK I WILL GO THREW WITH THIS HOME PURCHASE WHAT DO U GUYS THINK PLEASE HELP ME I'M NEW AND A LIL SCARED

Just a heads up, it's taking in the neighborhood of 12-16 weeks to get the tax credit. Hopefully you weren't planning to get the money soon and move in within a few weeks. Also be aware that if you back out for no reason other than you changed your mind, you'll likely lose your earnest money. If you had a financing contingency or inspection contingency maybe you can get around losing those funds.

Message Edited by rmily on 10-26-2009 06:40 PM

Re: MIGHT BE A SILLY QUESTION BUT I HAD TO ASK

Lel — Tue, 27 Oct 2009 15:17:57 GMT

Split off to form a new thread