Home Buying in Cape Coral>Question Details

Sarah Conley, Home Buyer in Cape Coral, FL

When buying a home, & planning on using the remainder of your budget for upgrades, how does this work?

Asked by Sarah Conley, Cape Coral, FL Sat Jan 26, 2013

My husband & I are currently looking to purchase a home.... I have seen people home shopping before & was wondering...when you buy a home UNDER your approved budget, then you plan on using the remainder of your budget for upgrades, how does this work? Hope someone can help... Thanks

Help the community by answering this question:


I think you are asking about an FHA loan that is for more than the price of the home due to repairs being built into the loan.
Call me to discuss this as I have a great mortgage broker here in the cape that can get you that type of loan.
0 votes Thank Flag Link Sat Jan 26, 2013
Hi Sarah, Your questions open to many others and various opportunities.

First understand, any repairs you do won’t be tax deductible, however are added to the base (purchase price) and reimburse hopefully when you sell your home.

You can get tax credit on certain energy upgrades, which will return more money at the end of the present tax year, along with your property taxes and interest deductions. Here it best to consult a tax expert on what those may be and the advantage of any new laws.

Also, you can look at properties on homepath / Fannie Mae that offers renovation loans.


These are low interest loans, you can take out to do repairs, and are piggy back, on top of your mortgage and paid back in one payment, as it was just a mortgage payment.

These are some of your opportunities. But before you do anything, you first thing should do, is check yours credit reports and get pre-approved for a loan. With this, you have an ideal on what price range you are comfortable in and if needed, make any corrections that may be needed to be done, or pay some debt off, so your FICO scores will be best. Here were you are most likely save your most money by getting the best interest rates you can get. I have some information that can be useful to you at


I also can refer you to some loan officer you can trust. It is always good to use three and compare their GFE ( good faith estimate) for your best deal.

Hope this help you some Sarah.

Good Luck and I be glad to work with you and your husband, if you are in need of any other information.

Remember: ”Pictures without the information is never the whole and true story ~!” Realtor Ron W

Ronald Wolchesky (alias Realtor Ron W)

You can Reach Realtor Ron W via email: rwolchesky@advantarealty.com
Cell: 239-209-1923: H: 239-349-4684 Or

Look for Properties in Southwest Florida: Fort Myers, Cape Coral, Lehigh Acres, Bonita Springs, Estero Plus
0 votes Thank Flag Link Sat Jan 26, 2013

give me a call so we can discuss in detail. 239-243-6224
0 votes Thank Flag Link Sat Jan 26, 2013

It is very important that you not only stay within your budget on your home, but stay within your budget on repairs. I have helped several clients remodel homes and there are a lot of small things that are easily overlooked when budgeting for repairs. Every home is different and you need to have several sets of eyes on the repairs needed. You need someone with experience in remodeling and building homes. I can help you with that. Feel free to email me or call me if you need help.

Israel Emory
Sun Country Realty
239 292 2499
0 votes Thank Flag Link Sat Jan 26, 2013
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