Home Buying in Freeport>Question Details

tazirose, Home Buyer in Long Beach, NY

if i buy a fixer upper house, how much do i need to reserve for a home renovation in freeport new york?

Asked by tazirose, Long Beach, NY Wed Jul 4, 2012

Help the community by answering this question:


Your question is too vague for any of us to evaluate renovation costs. What is the size? How many rooms need renovating? and to what extent?... Hire a contractor to assess the total job. A contractor will give you estimates and then you might qualify for a 203k rehab loan which builds in the cost of renovation into the mortage. A 203k loan will provide you with a list of contractors and a work schedule to start renovations after you close. You could also ask for a seller's concession... You are allowed up to 6% of the sale price which will be credited back to you at closing and incorporated into your mortgage. Get at least 3 estimates from professional contractors so you can make an educated decision. Good Luck!
1 vote Thank Flag Link Thu Jul 5, 2012
None if you do a 203K/renovation loan. The home improvement/repair expense will be incorporated with your mortgage payments. If you want to learn more about the product please give me a call at 646-321-9649. This is a product that I think will become more popular in the next few years as inventory is aging.
0 votes Thank Flag Link Wed Aug 22, 2012
That truly depends on a number of factors. As a previous resident of Freeport, I know a lot about the amenities, and what the beautiful city has to offer. If you are looking for an agent, I would love to assist you in your search. Please feel free to contact me.

Wishing you the best of luck,

De Vonte Williamson
Licensed Real Estate Salesperson
Coldwell Banker Residential
36 RT 25A
East Setauket, NY 11733
Office: (631)941-3100
Mobile: (631)384-3695 (24/7 Emergency Service Available)
E-mail: DeVonte.Williamson@cbmoves.com
0 votes Thank Flag Link Sun Jul 8, 2012
Much will depend n the renovations, therefore consider asking any local contractors for free estimates...
0 votes Thank Flag Link Sat Jul 7, 2012
Impossible to answer based on the information provided. You might want to look in to a 203k rehab loan, the cost to renovate would be built into the mortgage which might be easier on the wallet in the short term.
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Thu Jul 5, 2012
That's a loaded question. It depends if you are talking just modernizing, or structural changes. Also depends on how many baths kitchen size materials that you will use and a whole lot more. Bathrooms run about 10 to 12 thousand for average renovation. Kitchen can be 15 to 30 thousand for average. You should get a contractor in there to get an accurate idea of cost
0 votes Thank Flag Link Thu Jul 5, 2012
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