Buying A Home
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Appraisal + Reno

Our offer was accepted, we had a home inspection with minor issues - the seller is asking for an extension to address these, we just had an appraisal and house is worth $25K more than what we will be paying. It needs cosmetic renovations (kitchen, floors, updated fixtures). Should we use the $25K as an estimate of the $ we should alot for reno costs?
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Re: Appraisal + Reno

  • No.  Renovations can cost whatever you want. It depends on finishes, labor and materials as well as the problems you encounter once you open up walls or floors.  Your best bet is to get quotes from contractors if you plan on hiring out the work. We DIY'ed new floors for a 2200 sq ft house and gutted the kitchen and spent about $30k.  We did not pay for labor.
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  • Agree with the PP. The cost is what you want it to be. Shop around for contractors, materials,  etc. Just don't count on spending money you don't have to spend.
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