I am torn. I am purchasing a second home for vacation/rental and was pleased to be done with the selection of upgrades etc. When I received the quote from the design center the flooring cost was sky high, and the price/sqft for the flooring was at least 3-4X what it would be to purchase it myself. The question is should I just bite the bullet and roll the extra thousands into my mortgage or wait until I take ownership of the home, rip everything out and put in what I want at a substantial discount. It is a second home so the intrusion/inconvenience would be minimal (but still annoying, the whole thing is annoying, ok done complaining). Advice Please?
Upgrades after closing. Why finance upgrades for 30 years..waste of money to roll into the loan. Take your time and be conservative, resourceful, and selective.This message has been edited. Last edited by: real estate lady,
I see this in many of the HGTV programs in which they renovate the house and buy new furniture bloating the mortgage payments with something that in reality has no value, like flooring, furniture appliances. you can buy that at your leasure and your mortgage payments will be lower.
If it's going to be a rental, I wouldn't put tons of money into upgrades, unless the area just demands it. We're getting ready to work on a house that some clients out of Arkansas are buying... They're going to eventually retire here, but they want to rent the house out for a couple of years. First thing we told them. Don't waste money on quality paint. We'll tint the primer close to your chosen wall color, do two coats, and be done. When they are ready to move in, do a quick clean up, THEN do the quality paint that they want. Same with other things, like the flooring. Don't spend big $ on fancy carpets for now. I'd just keep the builder's grade for now... upgrade if and when YOU are going to occupy. Renters, for the most part, don't care about your property... they're not investing for themselves, so they don't treat things as they would if it was THEIR money. We've worked on some really trashed houses. If you're upgrading on things that aren't as likely to be damaged, that's fine, but carpets and the like, I'd just not put extra $ into the mortgage to make it nice, and a couple years down the road, you're having to change it all out again. If you were going to be living there full time... Even so, to change out later, after you've lived with it for awhile is usually more cost effective. You can shop around for what you really want. (*"*)
Posts: 3943 | Location: pinopolis,sc | Registered: Nov 17, 2003