roofs can run $1.2 K to 5K depending.
Or more. Something to remember. With the credit crunch, you may not be able to get the cost of renovations added to the loan, the way you could have a few years ago. So if you get a "credit", you may want to work out a closing scheme where you pay your offer, and they give a refund, so at closing you give them a big check, and they give you a small one. Maybe not that exactly, but have your agent work out a way that any lowering of price for repairs is actually available to you to make the repairs.
I'm going by google + the next door neighbor just replaced his same kind for $3K. Anyway, we'll get estimates and all that sort of thing. I wouldn't be adding renovation costs to the loan. Basically, I will not be increasing the amount I'm borrowing. It's such a shell game.
So you are going to pay for rennovations with cash? Adding cost of rennovations to a loan is not a shell game if the money really goes into the rennovations. Legit reason for borrowing. You get the benefit over however long the renovations last, so no reason it should be paid for out of savings or current expenses. It is a capital expense.
I know what I am comfortable with in terms of monthly outlay versus dipping out of savings in hand (while still able to keep saving) for the short term. It may not be the most money saving in the long term, but in the short term, I'm my only backup and wage-earner, so I kinda need me to keep my sanity.
And now I have the inspection report and am daunted all over again. Laying it all out to the parents made it feel doable and then seeing three hours ( and 43 pages) of ALL WRONG DEFECTIVE is overwhelming. Fun.
*lives vicariously through people who actually have a savings account*
I'm feeling all kinds of virtuous for having $250 in my savings account.
Hey, you can help me spend my money, vicariously!
It's just what I deserve for liking a 78 year old house in an old city.
I should add: 43 pages with only pictures of everything that's WRONG. None of the stuff in good shape. It's like an official downer doc!
We had a presentation at work on Friday from the 401K rep. She said something about having 8 months of expenses in savings, and basically everyone in the room started laughing.
