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looking for feedback on estimates for house repairs

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femalej
LIF Adolescent

Member since 7/11

833 total posts

Name:

looking for feedback on estimates for house repairs

in the search for a house, we found one we like...but...unfortunately...it requires MORE WORK than we planned on wanting to do. so it really comes down to pricing.

if you have experience/feedback you could provide that would be great regarding the time/cost of these projects

1. replacing windows (at least 10 windows)
2. intalling wood floors on top of plywood - 3 bedrooms and hallway
3. re-doing stairs. they are carpet right now and not sure what is underneath. just know we want to pull up the carpet
4. refinishing cabinets
5. sealing up some windows for a house that has vinyl siding (how is this even done??)

thank you in advance!!!

Posted 1/21/13 6:55 PM
 
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Christine Braun - Signature Premier Properties
LIFamilies Business

Member since 2/11

3992 total posts

Name:

Re: looking for feedback on estimates for house repairs

Don't have specific info for you, but I think costs really depends on the quality of materials you want to use for things like laying hardwood floor and replacing windows. For example, I've seen houses that have newer replacement windows that are basic and cheap sliding windows - like $100 a window. But high quality windows - Anderson, Pella - or things like a large picture window, bay windows, etc. would be a lot more. Windows can be very expensive - definitely the most costly item on your list.

I just wanted to say that if you are getting a FHA loan, you might want to look into a 203(k) rehab loan. You can use these loans to roll the cost of renovations into your mortgage - even for purely cosmetic items like paint and carpeting. I have a client right now who is buying a home for about $90K less than what they were preapproved for, but then rolling the cost of converting a garage and expanding the bedrooms into their loan. I don't know how much cash you have on hand, but even if you can negotiate down the price of a house, a lot of people don't have the cash difference on hand to use toward renovations. And with rates so low, the 203(k) loans make a lot of financial sense. If you keep the renovations under $30K, you can do the streamlined loan which can be done all within your lender (versus bringing in an FHA planner who needs to approve everything for the full blown 203(k) loan.

Posted 1/22/13 10:34 AM
 

ISpoilHim
I think I got this

Member since 11/10

1523 total posts

Name:
K

looking for feedback on estimates for house repairs

No advice for pricing but if you install flooring I would definitely suggest going with refinished hardwood over unfinished and finishing in place. We did unfinished and it was a nightmare. So wish we had done prefinished and just been done.

Posted 1/22/13 10:55 AM
 
 

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