Gut Renovation Cost All Locations : Nationwide Real Estate Advice

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Louis  Wolfs…, Real Estate Pro in Needham, MA
Louis Wolfson answered:
in this economy: should we refinance to: 1) buy new house,2) add a 2nd story or 3) get lower monthly payments?
All of the above, refinance your home, lower your payments, add that 2nd story and sell your home for 250 more and buy that dream house. and put that 50 you saved into your kids colleg ... more
0 votes Share Flag Mon Dec 19, 2011 Home Buying in McLean
Jim Simms, Real Estate Pro in Louisville, KY
Jim Simms answered:
Is it better to get a streamline 203k and then a home equity line of credit later on or just apply for the full 203k at the beginning?
Neither method is something I would advise a first time home buyer to do. But that is probably not what you want to hear. However, all buyers/borrowers are different, if you have subs ... more
0 votes Share Flag Tue May 29, 2012 Financing in 07631
Gail Gladsto…, Real Estate Pro in 11743, NY
Gail Gladstone answered:
Hi there i am looking to invest into rented properties. Should i look at Rochester, Detroit or Buffalo? TQ, sun
I have invested in a couple of properties in Rochester. If you have a local property manager, it is decent. If you are not living nearby and have no one "minding the store," ... more
0 votes Share Flag Thu Sep 8, 2011 Home Buying in New York
Suzanne Hami…, Real Estate Pro in Orland Park, IL
Suzanne Hamilton answered:
how much does it cost per square ft to build a home in illinois, rennovate existing, gut it out, 11000 sf ...
Nora -

You can build a home for $90-125 per square foot, depending on the finishes and the cost of the lot, etc. Homes this size to renovate are going to be fewer and far between. ... more
0 votes Share Flag Sun Aug 14, 2011 Remodel & Renovate in Palos Hills
James Oh,  in Cambridge, MA
James Oh answered:
How old are windows in Cambridge on average? I.e. how new can one reasonably expect?
The median age of homes in Cambridge is approximately 64 years (29 years being the national average). Boston/Cambridge is, after all, a very old town! It's nearly impossible, or ju ... more
0 votes Share Flag Tue Mar 27, 2012 Home Buying in Cambridge
Jenet Levy, Real Estate Pro in New York, NY
Jenet Levy answered:
Why do few co-ops allow washer/dryers, but a lot of condos have a hook-up or come with it?
Co-ops tend to be buildings that were converted in the 1980s from rental to co-op. They were not built with ownership in mind. The plumbing in most of these buildings simpl ... more
0 votes Share Flag Sun Mar 27, 2011 Home Buying in New York
Dominic Vale…,  in Chicago, IL
Dominic Valenti answered:
How do I determine comparables for a gut-rehab of a SFH when submitting an appliation for a loan?

How much are you over on the 203k?
0 votes Share Flag Tue Apr 26, 2011 Financing in Chicago
Sherri Way, Real Estate Pro in Framingham, MA
Sherri Way answered:
What is a 203K loan? It appears to be some sort of rehab loan? What is needed to qualify? How much can you request? How do you do apply?
This is an FHA program which a buyer would use if the property they are purchasing needs work prior to moving in. FHA loans require that the house be in move-in condition to qualify. ... more
0 votes Share Flag Sat Nov 2, 2013 Financing in 01915
Jennifer Pla…, Real Estate Pro in Glenview, IL
Jennifer Place, Sfr answered:
How much does it cost to convert a brick two-flat in Chicago into a single family home? Is ther anyone wi ...
It can be as simple as making a doorway from the first floor to the stairs leading to the second floor or having to completely move the stairs... Depends on the layout. Moving stairs ca ... more
0 votes Share Flag Fri Feb 4, 2011 Remodel & Renovate in Chicago
Nicky McDonn…, Real Estate Pro in Alexandria, VA
Nicky McDonnell answered:
Question regarding the mortgage preapproval process-
Hi LT,
Getting a pre-approval is the first step in your home buying process so that you know what you can afford. There are numerous reputable lenders to choose from and I would be ha ... more
0 votes Share Flag Mon Nov 1, 2010 Financing in Alexandria
Scott Godzyk, Real Estate Pro in Manchester, NH
Scott Godzyk answered:
Hello, I want to buy a home that is in short sale. This home has mold damage in the basement. What is my best loan option? 203K? Streamline 203k?
Tony you definatelt do not want to complete any work that you have to pay for until you own the property. The risk is too great in a short sale. A short sale is never completely accepte ... more
0 votes Share Flag Fri May 16, 2014 Home Buying in 47130
Jeff Belonger, Other/Just Looking in Cherry Hill, NJ
Jeff Belonger answered:
my husband and i are purchasing a house with peeling paint. We are trying for an FHA loan which we were approved for however days to the closing

There is nothing that you can do. You can't escrow the monies for this kind of repair. Now, my question to you is,... you just found this out? Or they are now givin ... more
0 votes Share Flag Sun Jul 25, 2010 Home Buying in New Jersey
RJ Avery, Real Estate Pro in Forney, TX
RJ Avery answered:
what's the average cost of a full house remodel with possible addition?
I would say you are looking at at least 100k. I have a very good contractor I use that im sure could get you a better quote his name is Ray Russo.


0 votes Share Flag Mon Apr 20, 2015 Home Buying in 75214
Don Tepper, Real Estate Pro in Burke, VA
Don Tepper answered:
I have rented a 400sqft co-op apartment in the West Village for 16 years, now being sold. While I sadly don't qualify for a
First, a bunch of disclaimers: I don't know the West Village (other than having visited it a number of times), and I'm relying on your numbers. So, don't consider this so ... more
0 votes Share Flag Mon Jul 5, 2010 Home Buying in New York
Dominic Vale…,  in Chicago, IL
Dominic Valenti answered:
FHA 203k vs. regular loan????
I am a 203(k) Consultant and suggest you speak with another bank. The FHA Guidelines do not have an adjustable scale. The "K" program IS for property that's not move in r ... more
0 votes Share Flag Sun May 30, 2010 Home Buying in Chicago
Mack McCoy, Real Estate Pro in Seattle, WA
Mack McCoy answered:
My husband and i just put an offer in on a home in md. The owner accepted our offer and made one change, he took out the home inspection clause.
That's not "accepted," that's a "counter-offer."

Ashley, I want you to have a home inspection on the property. Tell your agent that you want to have on ... more
0 votes Share Flag Sat Apr 24, 2010 Home Buying in Maryland
Pat & Steve…, Real Estate Pro in Westlake, OH
Pat & Steve Pribisko answered:
Couple of questions on investment property insurance. What type of insurance should I get to rehab a vacant home under an LLC?
Fellow Buckeye:

You mentioned having a friend help you with a down payment, which leads me to believe that you need a mortgage loan for this property. So, the first thing you need t ... more
0 votes Share Flag Thu Mar 11, 2010 Home Insurance in Ohio
davidwbrower,  in Woodstock, GA
davidwbrower answered:
We are in currently looking to purchase a home. I would love to grab up one of these foreclose homes that would normally be out of our price range
I sell bank owned property so I don't want to say it's probably not going to happen. But, it's probably not going to happen. There is always that exception that someone ... more
0 votes Share Flag Wed Aug 17, 2011 Foreclosure in Atlanta
Vinicius Bra…, Real Estate Pro in Cupertino, CA
Vinicius Brasil answered:
Total remodel costs?
Of course it depends but if you budget yourself I think you could plan around $50K. This would involve no additions or major structural modifications.

Kitchen $15K
Bath $5K each
E ... more
0 votes Share Flag Sat Feb 27, 2010 Home Buying in 94040
Robin Silver…, Real Estate Pro in Garden City, NY
Robin Silverberg answered:
Can I get an FHA mortgage on a "fixer upper"?
The loan you are probably looking for is an 203k loan, which is an FHA rehab loan. You can take out a loan for more than the purchase price, but you have to get all your estimates lined ... more
0 votes Share Flag Sat Sep 21, 2013 Financing in Logan Square
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