Refinancing to make up remodel costs
Has anyone here remodeled a house they intended to live in then immediately refinanced it to get back some or all of the remodeling costs?
Some context: My wife and I are currently house hacking mulitfamily in Tacoma, we would like to buy a single family house to live in within the next year. The asking prices in and around Tacoma are in our budget, but nice turn-key houses routinely escalate to 10%-20% over asking price (no joke). To be able to afford a decent house in a nice area, my wife and I are considering buying something that needs work in a nice area, putting ~100kish into it and then refinancing to get back some or all of the remodeling costs.
Does anyone have any advice on doing this? What did you do for remodeling financing? How much of you investment was returned when you refinanced?
Thanks a bunch,
- Bond