basement construction

[iddaritho]

i am planning to have my basement finished 35 to 40 k avthundi 

i have mortagage already on the house , i dont want to use cash 

is there any option to ask the bank to provide additional mortagage for previous mortagage

or is there any option to borrow money for 35 k with low interest 

[Spartan]

if in case it increases ur home value. nuvvu mortgage teskunnode istadu...

[iddaritho]

will that be different interest rate or same 

will there be room for negotation with the banker 

 

[Spartan]

Just now, iddaritho said:

will that be different interest rate or same 

will there be room for negotation with the banker 

 

same APR untadi.

[user789]

39 minutes ago, iddaritho said:

i am planning to have my basement finished 35 to 40 k avthundi 

i have mortagage already on the house , i dont want to use cash 

is there any option to ask the bank to provide additional mortagage for previous mortagage

or is there any option to borrow money for 35 k with low interest 

cash unte malli interest ki teeskovadam enuku bro unless u r planning to invest with that cash 

interest rate going up kada

[ForEverJava]

1 hour ago, iddaritho said:

i am planning to have my basement finished 35 to 40 k avthundi 

i have mortagage already on the house , i dont want to use cash 

is there any option to ask the bank to provide additional mortagage for previous mortagage

or is there any option to borrow money for 35 k with low interest 

Enduku brother I got makku guy who finished my basement 9k..I did bathroom and we already have carpet when I move in with empire..and also they spray painted ceiling.

Also with sound system ki wiring all I got and I got some tv speakers tv sound system Yamaha receiver all pool table tt table all around another 1000$...

 

Don't waste 35k for basement it's not worth it.. btw mine is 2200sft ..with a bedroom n bathroom and wet bar and playroom and storage area..

[user789]

19 minutes ago, ForEverJava said:

Enduku brother I got makku guy who finished my basement 9k..I did bathroom and we already have carpet when I move in with empire..and also they spray painted ceiling.

Also with sound system ki wiring all I got and I got some tv speakers tv sound system Yamaha receiver all pool table tt table all around another 1000$...

 

Don't waste 35k for basement it's not worth it.. btw mine is 2200sft ..with a bedroom n bathroom and wet bar and playroom and storage area..

ee state kaka meedhi

[Kalam_Youtheman]

7 minutes ago, user789 said:

ee state kaka meedhi

MI or  TX or OH or MO

[Lukewalker]

If you have equity in your home, then you can get HELOC or home equity loan. Much better interest than personal loan. 

if you hire makku guys, pros are less money but if you see any issues down the lane, it will be a problem. also you need a licensed contractor if you are refinishing basement. The city will require permit. when selling it will be a problem if you dont have permit. sometimes if it is not authorized then it will be considered as not living place and can not put in total sq ft. if I were you i would go with licensed contractor and get warranty from them. 

also, basement systems will cost you more rather than traditional basement refinish, may be thats why your estimate is $40k. if you will  live in the house  for 5 + years from now, go for nice basement system or else just do traditional dry wall basment refinish.

[AverageDesiGuy]

2 hours ago, ForEverJava said:

Enduku brother I got makku guy who finished my basement 9k..I did bathroom and we already have carpet when I move in with empire..and also they spray painted ceiling.

Also with sound system ki wiring all I got and I got some tv speakers tv sound system Yamaha receiver all pool table tt table all around another 1000$...

 

Don't waste 35k for basement it's not worth it.. btw mine is 2200sft ..with a bedroom n bathroom and wet bar and playroom and storage area..

Nicely done brother.

[desiboys]

2 hours ago, Kalam_Youtheman said:

MI or  TX or OH or MO

ee states lo basements undava ?

[iddaritho]

2 hours ago, Lukewalker said:

If you have equity in your home, then you can get HELOC or home equity loan. Much better interest than personal loan. 

if you hire makku guys, pros are less money but if you see any issues down the lane, it will be a problem. also you need a licensed contractor if you are refinishing basement. The city will require permit. when selling it will be a problem if you dont have permit. sometimes if it is not authorized then it will be considered as not living place and can not put in total sq ft. if I were you i would go with licensed contractor and get warranty from them. 

also, basement systems will cost you more rather than traditional basement refinish, may be thats why your estimate is $40k. if you will  live in the house  for 5 + years from now, go for nice basement system or else just do traditional dry wall basment refinish.

Not going to stay for 5 years , plan is to stay for another 1.5 year and than rent the house if i am not going to stay any further , 

It is a split level house with walk out basement, initially thought house is just fine , but we accumulated lot of furniture and other stuff that my kid doesn't have place to play around in winter here in Minnesota. 

This is a new house , builder gadu initial ga cheppadu like get the basement , but i declined as i thought it will add up to the cost and now feel like we need basement finished. he is quoting 40 K for basement , he will install fire place , bar , kitchenette , 3 bedroom , hall , laundry room , tornado shelter and 1 bathroom.

I don't want to use up the cash , i just need alternate option like the mortgage , initially i thought i can take loan from 401K as i will be paying interest to my self or else credit card balance transfer but they have fees of close to 1000 dollars , other option is home equity loan but again i have to pay for some of the fees and appraiser and other stuff that bank wants us to pay. 

Not sure what is the best option                                                                                      

 

[Lukewalker]

13 minutes ago, iddaritho said:

Not going to stay for 5 years , plan is to stay for another 1.5 year and than rent the house if i am not going to stay any further , 

It is a split level house with walk out basement, initially thought house is just fine , but we accumulated lot of furniture and other stuff that my kid doesn't have place to play around in winter here in Minnesota. 

This is a new house , builder gadu initial ga cheppadu like get the basement , but i declined as i thought it will add up to the cost and now feel like we need basement finished. he is quoting 40 K for basement , he will install fire place , bar , kitchenette , 3 bedroom , hall , laundry room , tornado shelter and 1 bathroom.

I don't want to use up the cash , i just need alternate option like the mortgage , initially i thought i can take loan from 401K as i will be paying interest to my self or else credit card balance transfer but they have fees of close to 1000 dollars , other option is home equity loan but again i have to pay for some of the fees and appraiser and other stuff that bank wants us to pay. 

Not sure what is the best option                                                                                      

 

If kid's play area is the only problem, can you just put  a room rather than having 3 beds, bath, fireplace etc. It will probably cost u <$10k. Also if u r going to use it for just 1.5 yrs and rent it out, it does not make sense to invest $40 k just for few winter months. (Probably 6 months considering minnesota winters)

[ForEverJava]

Permits gola pettukoku Basu that will increase taxes..and also if u going with licensed contractor it will add cost double becuase of staff with insurance for that contractor..simply do it cheaper guy..

[Kalam_Youtheman]

12 hours ago, desiboys said:

ee states lo basements undava ?

real estate dead seap ani...easy to buy homes