Hi everyone! New to the boards but I've become an HGTV addict. Property Brothers is my favorite. I'm fascinated with the way this channel works.
Backstory: I am 42 years old and live in my childhood home with my 3 kids and soon to be ex husband who will be moving out once our debt is paid off.
This home is extremely sentimental to me (which few people understand). It holds my childhood memories and those of all of MY children.
There's something about glancing down the hallway and envisioning me and my sister or all 3 of my kids coming down the hall Christmas morning.
My dad left me the 1970 house but he is elderly so he'd let it fall into disrepair. Foundation problems, aluminum wiring, old pipes under and around the house that keep breaking.
What I need help with: When the debt's paid off, I'll be refinancing the house in my name alone. But I'm thinking I can take out a bigger loan and remodel the home? Not sure how that works since I've never gone through that process.
I want to have the foundation repaired, the plumbing fixed (under the house and inside), and the electrical wiring replaced.
Then I'd like to do some actual renovations: Add 1 room for my Mom to move into, expand and update my kitchen (we can't open the oven all the way because the fridges of today are bigger and it blocks it), put in a new bathtub, remodel the master bath, make walk-in closets, etc.
Soooooo much to do, I know.
Here's my question: Who do I contact first? Do I have an inspector come out and tell me what needs to be done? Do I hire a designer? DO I contact a builder?
I'm so confused and know nothing about this.
Appreciate your help...
Planning to refinance to make repairs and upgrades is common, but you need to know if the bank will do that. So I'd talk to the banker first.
Thank you Bob! Okay she's my first stop then. I'll find out what I need to do to get there. This is a LONG term journey I know.
In the process the banker will likely want to know what the house is worth today, what the existing mortgage on the house is and what the comparable houses are worth in your immediate area (within a mile or two depending on density). This will give the banker a reasonable idea of what you could borrow to renovate the house. These answers come from an appraisal by a home appraiser that the bank will likely engage.
Don't over improve your house unless you're in it for the long haul. Upgrade to what is the norm for recently renovated homes in your area. Don't put a $100K kitchen in a $150K house.
Any advice given here is general in nature and is not necessarily valid for your given area. If in doubt check with your local codes enforcement department for what is required when doing electrical, plumbing or structural work on your house. Permits may or may not be required in your area and home owners may not be able to DIY some tasks. I have no way of knowing if you have the skills needed to complete the tasks you are asking about, when in doubt seek professional assistance.
My advice may be worth exactly what you pay me for it. :-) For the record I did not stay in a Holiday Inn Express last night.
Thank you! Yes that's a great idea. I've been here all my life (42 years) so I want to die here. LOL Long haul ready
I'm so excited. Just hope I can swing it!
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