Question regarding TLC work on a new home (fit in, loan)

[chellamkottu]

i am currently looking into a house in bethpage. One of the discussions that came up in the family was dorming. The house is currently half dormed with just 2 beds(2nd floor) the other half is just attic space at the moment. There is work to be done on the 1st floor (Kitch is a gut-job, refinish hardwood, touch up the bathroom and remove a wall to make the living room larger, touch up the basement, converting from oil to gas [gas line on street]). Question is will it all fit in a 120-140k budget not looking for super high end finishes, i am a little bit doubtful it will any ideas for people with experience in situations like this.

Not dorming over the garage, essentially right side of the house is dormered and left side is just attic space.
I have tried reading up on costs for dorming a ranch, do you believe the cost would be significantly less that i will be able to do the other work necessary on 1st floor.

Finally we are planning on going through the 203k Loan Program to do the extra renovations.

Thanks in advance for your help

[Elke Mariotti]

Originally Posted by chellamkottu

i am currently looking into a house in bethpage. One of the discussions that came up in the family was dorming. The house is currently half dormed with just 2 beds(2nd floor) the other half is just attic space at the moment. There is work to be done on the 1st floor (Kitch is a gut-job, refinish hardwood, touch up the bathroom and remove a wall to make the living room larger, touch up the basement, converting from oil to gas [gas line on street]). Question is will it all fit in a 120-140k budget not looking for super high end finishes, i am a little bit doubtful it will any ideas for people with experience in situations like this.

Not dorming over the garage, essentially right side of the house is dormered and left side is just attic space.
I have tried reading up on costs for dorming a ranch, do you believe the cost would be significantly less that i will be able to do the other work necessary on 1st floor.

Finally we are planning on going through the 203k Loan Program to do the extra renovations.

Thanks in advance for your help

One important requirement of getting the 203(k) loan approved is that the planned improvements bring about an appraised value of the property according to their guidelines' not all improvements bring up the value sufficiently. You may want to ask your agent, or even an appraiser, what the house the way you envision it would appraise for upon completion, both with and without the full dormer. That'll give you an idea if what you're planning would pass FHA 203(k) requirements.
Next, the amount you mentioned might be sufficient, but we don't have enough information re sqft to be finished plus what you mean by "touch up the basement", etc.
Also, remember that finishing the other part of the attic will result in higher RE taxes for you...