Lenocom, when deciding how much to spend there are things to consider. For every $1,000 you go up in price it raises your payment $4.50. This might seem small but to go up $10,000 in purchase price to have to put out only $45 more a month or try and save $10,000 to do that small remodel is done at one time and right. There is also a 203K loan that you can borrow up to $30,000 for a remodel project that will allow you to do the new kitchen and get it in the loan up front before the home closes after an appraiser looked at the plans and says that the house will be worth the new amount after the remodel. You have 6 moths to do the work and you the buyer are not supposed to do the work only the contractor. There is also an energy loan from Umpqua Bank that they will loan $8000 towards energy features like windows, insulation, a furnace and appliances and this can be higher than you loan ratios because the bank knows that you will actually save money and these things will not cost you a lot more to operate compared to the old replaced items. There are other programs in the areas that loan money for sweat equity and you have to attend classes but it helps towards your final down payment. Good luck to you, find an agent that can help you negotiate a good price on the house that you want.
Tom Inglesby, Broker
RE/MAX Equity Group