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Hotmamma408
LIF Adolescent
Member since 6/08 692 total posts
Name:
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For those who bought fixer uppers
did you apply for a home improvement loan and a mortgage at the same time or did you use your own money to do renovations?
We have about 50-60k to use to fix up the house but if we use that there goes our savings. I am curious if we could possibly apply for a type of home improvement loan with the mortgage.
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Posted 10/31/10 5:22 PM  |
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mrsBLT
missing my baby
Member since 1/10 1359 total posts
Name:
Brittany
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Re: For those who bought fixer uppers
we are using our own money to fix it up. it has depleted our savings down to nothing but we decided that it was better to deplete and rebuild our savings than to have to owe more money and interest and be in debt
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| Posted 10/31/10 5:56 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: For those who bought fixer uppers
we used our own money but we did the work ourselves so it only cost 20-25 K and we re-did everything except the bathroom
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| Posted 10/31/10 7:21 PM |
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JessT
LIF Infant
Member since 6/08 323 total posts
Name:
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Re: For those who bought fixer uppers
We used an FHA 203 k loan. It gives you 30k added onto the mortgage w a higher interest rate. You could ask your broker About it. They are doing alot more of them now. It was more time consuming but worth it.
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| Posted 10/31/10 8:10 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: For those who bought fixer uppers
we are using our own money
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| Posted 10/31/10 8:19 PM |
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evenedan
Need a little sunshine
Member since 9/05 3843 total posts
Name:
D
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Re: For those who bought fixer uppers
We used our own money.
We gutted the kitchen and bathroom immediately, redid the bathroom, hardwood floors throughout, new windows throughout, new roof and had all the gross textured walls in the house skimcoated smooth.
We lived in the house for several months before we replaced the kitchen (think indoor camping). We needed that time to research what we wanted and recover from the cost of all the other renovating.
Now it's all done and yes our savings went down to a pretty scary number, but we have a low mortgage and no loans, so we're bulking it back up again.
No regrets.
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| Posted 10/31/10 9:08 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: For those who bought fixer uppers
we used our own money because we didn't qualify for the bundle loan. Unfortunately we did too much at once and it left us broke.
Honestly if you can move in and don't do anything for at least six months and live in the space. Know what your going to really need/want. I have no regrets on the choices we had made expert the lack of money now and the fact I am finding things that were done wasn't up to the quality I wanted.
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| Posted 11/1/10 9:41 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: For those who bought fixer uppers
Using our own money. We did a lot in the beginning (mostly painting) and now getting to the more expensive things.
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| Posted 11/1/10 9:51 AM |
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