Kitchen rebuild/first home

Discussion in 'Off Topic' started by cutrunner, Oct 31, 2012.

  1. cutrunner

    cutrunner Cert. Yamaha technician

    As some of you may know, i just purchased my first home roughly 3 months ago. I admittingly was a pita when it came to house shopping because i wanted to be in a certain location (close to the water, and the boat ramp). And i needed a big garage that i could work from on my own stuff and sidework. Which led to me AlSO not wanting to live in an HoA. After looking for about 7 months, and signing on another house (shortsale) that fell thru, we finally saw our house literally an hour after it came on the market. Called our agent and went to look at it that afternoon, and signed our lives away lol.
    The house was a beautiful yellow/white 2 story 2006. Italian marble floors, hurricane impact doors and windows, plantation shutters, metal roof, bamboo floors upstairs, balcony out of the master, 3 car garage, and exactly 1 mile from the main ramp in Stuart (Sandsprit park).
    One catch, it was a previous foreclosure, now bank owned. And the A/C was taken, as well as the entire kitchen, cabinets and all. Even the sink lol. Yes it sounds bad, but it was a blessing in disguise as my wifes biggest wish was for a nice kitchen. She loved the thought of designing her own kitchen so it worked out well. We worked withthe bank and got what is called a FHA 203.k rehab loan. The loan gave us $15k to put a new ac and kitchen in. We ended up putting another $6k of our own money for "upgrades". We also bought ALL new appliances. Because the loan was thru the bank all the work had to be done by a lisc contractor to code, and inspected when finished by the county.
    All in all, here is the rundown. We paid $119k for the house, plus the $15k adds to $134k. Plus our 6k in upgrades (including appliances) we are right at $140 with a fixed 3.5%apr. and after all the work was completed, the house was appraised by the bank at $180k.all said and done with an entire new kitchen, ac system and appliances, in an amazing location one mile from the boatramp, a minute from the center of town and restaraunts, and minutes to the beach. It was alot of work, but well worth it.
    Heres some pics of the kitchen, i'll post more if requested.
  2. cvilt

    cvilt I Love!

    Nice job all the way from the deal to the completed project. You could sell it do it a few more times and be debt free :)

  3. AfterHours2

    AfterHours2 Stripper in my own Mind!

    You sure waited until the right time to buy. I didn't, and have been cursed by the continuing home market crash. Looks good. You are in a good situation to make back every penny plus some if/when you decide to sell. That was probably a 400k home 5-6 years ago...
  4. mhinkle90

    mhinkle90 Let it scream!!!

    Nice fillet table right there ;)
  5. disporks

    disporks I Love!

    Very Nice deal and beautiful kitchen.
    I am also in the market right now to buy a home and just like you, very picky about the place I plan on financing. I have to accomodate for 3 vehicles and 2 boats plus room for sidework. I found a nice place with a great shop on 1.25 acres literally 3 minutes away from one of the best spots to launch on a very highly fished saltwater lake and the deal fell through. I have been looking and have come across every new house that has hit the market but nothing has satisfied me yet...More time to save up for those upgrades you speak of!
    Looks good Cut, That kitchen looks like a nice spot to throw down some great cooking!
  6. makin moves

    makin moves Well-Known Member

    looks good. Iam a little bumed I thought it was going to be some pics of you doing it yourself. I recently bought my first home and ripped out the kitchen myself and cut out a wall for a pass through bar. Put all new cabnites back in and counter tops. Maybee Ill post some pics if I get time
  7. cutrunner

    cutrunner Cert. Yamaha technician

    Oh believe me, i woulda. But since the work was basically being paid for by the bank, it had to be by a contractor they approved.. Luckily they approved a contractor that is in my family :cool:
    Wether they know it or not, i did help alot.