Man is it hard to find a house we like WHERE we like. So, we saw this one yesterday, needed some work but nice location but about 25k less than we have to pay which is good. Thing is, if we buy it, where do we get the money to fix it up? How do you do that? How much does a new kitchen cost? HELP please. DH and I are in the dark.
JacnRob729
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Re: Redoing a house
my husband is a carpenter. I asked him how much a new kitchen costs and he said, 'It depends' Are you just looking for new appliances, or are you completely renovating it?
LIJuneBride
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Re: Redoing a house
If you put less money down, you can keep that money (that you were going to use for a down payment) to fix the house up.
New kitchens can run a lot of $$$ depending upon what you want or need to do. A basic kitchen (no fancy appliances or expensive cabinets or granite, etc) would probably be a minimum of $10K to do everything from cabinets to flooring to counters to appliances.
DjPiLL
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Re: Redoing a house
I wouldn't put less down if that means you are going under 10% down. Thats a risky proposition.
Putting less down for this means you will be paying interest on that kitchen for the length you have the mortgage for.
Maybe you can just start off with new appliances and maybe a new countertop. That may make a big difference in itself... and you can probably do that for less than 5k.
IrishBride-05
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Re: Redoing a house
We ended up buying a house that needed a lot of work in the location we loved. We were able to put less money down while still going over 20% and not have to pay the jumbo rate, so our mortgage is affordable. We kept a certain amount for quick-fix renovations to make it look nice and we plan on doing bigger construction in three years when we have more money saved. We're thrilled with our decision and I love our house. I always say that we got a real diamond in the rough
ETA: I didn't really answer your question about the kitchen. Our fridge and dishwasher were pretty new, so we kept them. We got a new gas stove because we did a gas conversion and I got an $800 stove from Sears on clearance for $395!!! It's a top of the line kenmore and was a great deal. It came in the box too, so you should check Sears website out. We sanded and painted our cabinets and replaced the hardware and replaced the light fixtures. We also just painted the walls. I'm going to put down new vinyl tile flooring and FH will tile the old countertop, but not until after our wedding. So, I think it will end up costing us less than $1,500.
september2004
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Re: Redoing a house
we bought a house that needs some TLC with an 80/10/10. once the 10% home equity loan is paid off (hopefully 2-3 years) the plan is to redo the kitchen and add a bathroom by taking out another home equity loan to cover the costs (but at this point we will have 20% equity established).
we are hoping 30-40K would cover everything we want to do...
