Kitchen Remodel Questions

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This topic contains 4 replies, has 2 voices, and was last updated by  Cmontgo80 3 weeks, 2 days ago.

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  • #42646

    Cmontgo80
    Member

    I finally found a home I love!! I am in the credit access phase (it’s keeping me up at night), but trying to keep my mind off of things with dreams of a kitchen remodel. I would like to use Ikea, since one of their big kitchen sales starts next week. I have a measurement appointment tomorrow (engaging their planning services extends the sale by a month, in addition to the month the sale goes for!) and then I will be able to drag and drop products into a 3D planner to price my desired kitchen out or meet with an in store planner for help. Ikea has recommended licensed contractors with experience assembling their products. Will I be allowed to use those contractors for my post closing renovations or will I need to find someone on the NACA approved list? How exact do my cost estimates need to be for the wishlist? Given that by the time I purchase the materials, they will be on sale, how does that work? To my understanding the discount is paid back through an IKEA gift card. Could I then purchase items for bathroom remodel?

    #42654

    TTrumble
    Member

    Hello Cmontgo80,

    If the difference between the regular price and the sale price is done through a rebate on an Ikea gift card, then you will in reality be paying full price for the kitchen. In such a case, simply get a regular quote from Ikea at the price you will actually be paying them. The price difference/rebate/gift card would not be a factor. How you choose to use the gift card would then be up to you.

    Ikea’s contractors are going to be independent businesses and not Ikea employees, so they would have to have met the same licensing and insurance requirements as NACA. They would simply have to register with us to be NACA approved in advance of doing the work.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #42683

    Cmontgo80
    Member

    HELP! Is it possible to ask for a PITI increase in the middle of the credit access phase? The property taxes were grossly underestimated from what I can tell (still haven’t received a loan estimate, when should that happen?), and I most likely would not have gone under contract for the property I am under contract for had I known I would have had a $0 rehab budget, since the kitchens and bathrooms are very outdated. I could have qualified for a higher PITI from the get go, but I low-balled my ask. I have the income and the payment shock for the higher number. I’m only looking for about $100 more. i asked my mortgage counselor for information regarding such before I got to this point, but he is completely unresponsive absent multiple calls to the general office and member services, and even more emails. Even then, I might get an answer to one question out of 20, and only a “yes” or “no”. Thinking of walking away while I’m still in due diligence. Any advice?

    • This reply was modified 3 weeks, 3 days ago by  Cmontgo80.
    #42691

    TTrumble
    Member

    Hello Cmontgo80,

    You can seek a higher approval amount, but it’s going to set you back a couple of steps since the file will have to go back to your counselor to be reworked, then sent to underwriting once again for approval before it can go back to the bank.

    Of course, you are the only only one who can make a decision on if you should walk away or not, and the delay the re-approval will create is likely to be one of the factors to take into consideration.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #42693

    Cmontgo80
    Member

    My file is still with my counselor now. I requested credit access and a number of conditions came back. The ones that I have control over have been submitted, although I have absolutely no idea if my MC received what I have sent (no confirmation). There are also parts of my P&S agreement that had to be labeled or added and signed by all parties, so I am waiting on wet signatures from the seller and seller’s agent. Does that help, make things harder, or have no net effect? I feel like I have to try. I really love the house and the location and schools. I just wish I had known the budget would be so off! I am not in a huge rush to close since I am not ending my lease until well after my estimated closing date. The house is vacant and is being sold by the previous owner’s estate executor, so there may be some delays on that end as well.

    • This reply was modified 3 weeks, 2 days ago by  Cmontgo80.
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