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re: Refinancing/Renovation Costs
Posted on 9/19/24 at 10:12 am to kung fu kenny
Posted on 9/19/24 at 10:12 am to kung fu kenny
I would start with my traditional bank to see if they have a construction loan program. You can also look at a company like Movement Mortgage.
I have never gone this route but had some family members do this several years ago. The upfront part was a little bit of a PITA with having to provide architect/engineering plans, appraisals, contractor quotes... You would then need to keep them updated with the process, and one bank required documentation from the GC before releasing the next level of funding.
I have never gone this route but had some family members do this several years ago. The upfront part was a little bit of a PITA with having to provide architect/engineering plans, appraisals, contractor quotes... You would then need to keep them updated with the process, and one bank required documentation from the GC before releasing the next level of funding.
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Posted on 9/19/24 at 10:19 am to kung fu kenny
quote:
Don’t have 260k equity otherwise that would be a no brainer. Have about 70-80k equity
Are you saying your home is worth about $350k? Ha, no pun intended
You said a house on your street sold for $750k, but when was that? Some markets are still going up but many markets are currently falling.
Here's the reality, if you are not intimimately familiar with real estate or construction to make this happen and make it an investment that gains equity, then its a damn big risk that could work out very well but could also very VERY easily put you in very tough financial spot.
Im not suggesting you don't know real estate, but its easy for people to lie to themselves when its personal. I would really suggest asking a realtor what their thoughts are and honest demand/ value for your home once the project is done.
The absolute last thing you want is to put $260k into a $350k property and come out with it being worth $450k.
ETA: Sorry just realized most of the above was discussed already.
What about a smaller project? Could you just add a bedroom and a bathroom on slab and make it a 4/2 or something like that for $100-150k? A $260k reno on a $330k house is A LOT
This post was edited on 9/19/24 at 10:22 am
Posted on 9/19/24 at 10:35 am to baldona
Would a bank require an assessment before offering a loan to make sure they're not going to be upside down on the loan? At least a collateralized loan?
My opinion is the same as yours. Doesn't seem like you're going to be able to add $260k in value to a $350k property without spending more than $260k. If that's truly possible, that would be a good move, but seems unlikely.
My opinion is the same as yours. Doesn't seem like you're going to be able to add $260k in value to a $350k property without spending more than $260k. If that's truly possible, that would be a good move, but seems unlikely.
Posted on 9/19/24 at 1:27 pm to WhiskeyThrottle
quote:
My opinion is the same as yours. Doesn't seem like you're going to be able to add $260k in value to a $350k property without spending more than $260k. If that's truly possible, that would be a good move, but seems unlikely.
People flip homes every day for a profit, buy a $350k home, put $100k into it, and sell it for $550k for a $100k profit. But people also lose money on these all the time. The ones that do well routinely know what they are doing and its not personal, its a business decision. Flip reno's are also notoriously not done well, as in cheaply.
But adding a 2nd story is a completely different issue especially if you are living there.
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