All Forum Posts by: Kimberly H.

Homepath contract in hand... so happy. I want this to be my dream home. Finally got 1 contractor to come in and say "sorry, you'll need 200K to renovate this house". The next contractor wouldn't even come look. He just emailed me flat out "you can't renovate a 4,000sf house with a $125K". It does need all new systems, it's 4,000 sq feet, really nice property. Comps support an extra $125K on top of purchase price.

I plan to stay in this house forever, but I only wanted to put in $125K. FHA consultant came in..... said, to bring the house up to FHA code will be close to $100K. I'm so sad right now. I don't want to give up this house.

I should have done better homework. Would you purchase a huge house with the hopes you would do a complete renovation or should I just walk away. It needs all new systems, structural work, etc. SAD FACE! 2/3 of an acre. What would you do? Do you think another contractor would say the same.

https://www.zillow.com/homedetails/2612-Talbot-Rd-Baltimore-MD-21216/36628111_zpid/

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No words!! :(

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Why is this a question? 1st rental and 17 & 18yr olds. How were you at 18?

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Yes, my lender referred me to someone. I was hoping to use one that was referred from BP.

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Hello there! Just ratified a contract with Fannie Mae..... Does anyone have a recommendation for a really good FHA Consultant in Bmore.

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Cozy girl myself. I was using eRentpayments and love them, but after the

disastrous event a few months back I wouldn't recommend them. They used a 3rd party company to process rent payments and the company when bankrupt and many landlords lost thousands of dollars. Fortunately for me, I was able to get my money back. My tenant complain to their bank and it was returned to them.

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Originally posted by @Account Closed:

Congrats @Kimberly H.!! I'd love to see how it turns out as you renovate!

Thanks! I will definitely post pictures and get more advice.

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Originally posted by @Account Closed:

Hi @Kimberly H.,

How long are you planning on phasing out your renovation? Do you eventually want to rent or resell, or just build equity and appreciation in the market and enjoy your home?

I would start by establishing a goal and timeline - that should help clarify priorities.

Some repairs, like a new roof, might only last 20 years. Appliances, maybe 10-15 years, HVAC also will last about 10-15 years. Similarly, what about safety, comfort, and utility costs while you live there? You need a good roof and you need safe electrical (with enough amperage), and new appliances and a new, efficient HVAC unit and insulation will save you annually in utility costs. So will new windows and tight doors with weather stripping. These are all pretty major costs compared to carpet or paint, though. If money is tight and it's your personal home, it's a balancing act of being happy with the way your house looks while you live there and saving up for big ticket expenditures.

If you plan on reselling the home in 5 or 10 years, think of how a potential buyer will see the property. Chances are, they'll want to redo cosmetic details anyway to suit their taste and factor that into their offering price already, but if they also see the need for new systems in the house, they might lowball an offer.

I would always recommend fixing the guts and bones of a house before putting new paint on the walls, but you have to be happy living there in the mean time.

Lastly, If you want to make structural changes to the house - moving walls or stairs, building additions, adding a deck or roof deck - check with your local permitting office to see if you need a structural engineer or architect to stamp drawings, and see if you need a licensed contractor to submit for the permit. If you're doing work in a city it's likely that you do, but everywhere is different.

Thanks so much for your great advice. This will be my forever home. You will have to drag me out of it. I just got word from Homepath that I won the bidding with contingencies. I accepted!

I'm hoping I can get everything done in 1-2 years. Again, it's a huge house, so I know it will take well over 125K to renovate.

I love your advice about fixing the guts and bones and also you outlining the major systems. Based on all the advice I have a clear path on how to approach this. I'm going to try not to get all warm and fuzzy about "cosmetic". I want the home to be safe, solid and functional while I renovate to have the "nice" things. Yes, I do have structural changes to make as well and we do need permits in my city.

You guys are great! The more advice I get the better. Helps with my vision.

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All Forum Posts by: Kimberly H.

Kimberly H. has started 27 posts and replied 142 times.

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Post: What would you do? Not enough reno money!!