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Remodel

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mamahearts
Frequent Contributor

Remodel

We're going to the open house today for the house we've had our eyes on.  None of the pictures on the website have shown what the bathroom condition is.  If that needs to be remodeled, can we include the costs in our mortgage? Thanks!

myFICO starting TU 683 8/26/11
myFICO starting EQ 645 8/26/11
myFICO EQ 652 9/26
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2 REPLIES 2
mamahearts
Frequent Contributor

Re: Remodel

The house looks like it is in good shape, but we won't know for sure until the inspection is done.  However, there is a very strong odor that I can't place. So we need to figure that out.   The owner is 90 and just went into assisted living.  The realtor is her daughter so we will definitely need our own agent.  It was listed at $89k now it's at $84k. Positives-good neighborhood that is close enough to work, schools and shopping, curb appeal, great backyard, 3br (one used as dining room-we'd do the same because kitchen is small), basement has potential, spacious living room, recently painted interior and exterior.  Kitchen is small but fine, I can see us updating it down the road with newer cabinets and counters as well as the light fixture (I don't like fluorescents ugh).  But that can wait. 

 

The sellers are updating the electrical.  They made some recent cosmetic improvements but it does need a few things. I would want this done before we were living there.  The carpeting in the living room and dining is really old and worn out so that has to go.  The bathroom needs a new tub/shower , probably the toilet,  vanity and flooring too.  The house comes with w/d/stove/fridge but the appliances are ancient.  The backyard has an old plot of patio that is cracked and broken so that will need to be dug out.  Could we use the FHA 203k rehab loan for these improvements?  Could we get the sellers to do this?  Any and all feedback is welcome! Thanks!

myFICO starting TU 683 8/26/11
myFICO starting EQ 645 8/26/11
myFICO EQ 652 9/26
Message 2 of 3
Booner72
Senior Contributor

Re: Remodel

Sounds exciting!  I hate florescent, also.

 

I doubt the seller will do much unless it is in the inspection report or appraisal report.

 

My understanding is yes 203B loans are designed to make upgrades to the home that would increase the home's value.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
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