we purchased a foreclosure sept 30 2008. back then it appraised for 180K (i believe, we bought it for 160K so i know it was just a little more than that price).
since then we’ve ripped out all of the stained carpets and installed hardwood floors, we removed about 6 dead large trees from the yard, expanded the kitchen into a formally unusable space adding 9 cabinets, under cabinet lighting and about 80" of countertop space (its spread over 3 areas tho, not one large one), redid the kitchen of course with tile and new countertops, new applicanes adding a dishwasher, disposal and washer/dryer as well as a "slop sink", we’ve also fenched off the back yard, and got a completely new roof which included gutters (we didnt have them, or flashing before)…
we want to install a tankless water-heater which will allow us to expand one bathroom, and we want to expand a second bathroom as well (both would be getting slate tile, new vanities, new showers/tub and one would be getting a new toilet – the other was replaced about 2 months ago due to the fact the old one fell over while my husband was sitting on it!) but we kind of need some funds for those since they are going to need to be completely gutted but we’re thinking 10K would cover both bathrooms since we would do all the work ourselves (husband is very handy and an electrician). i mean the kitchen only cost about K total and that was with the appliances and new cabinets, we installed everything and did the tiling ourselves, heck my husband had to run new power for the disposal, washer/dryer, stove and he had to run water for the washer too
but would what we have done so far up the appraisal do you think? we wouldnt be doing anything until spring so its not like i’m going to run out and get it done soon, just asking
oh yeah we’ve also installed an attic fan, recessed lighting in the living room and pendent lighting in the dining area (formally only had floor lamps)
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If your thinking of doing a home equity line of credit, it will all depend on your housing market. If the value of houses have dropped in your area, you could actually owe more then it’s worth and probably wouldn’t be able to get any line of credit from it.
This is only a problem in very small parts of the country.
You probably have developed enough equity that if you want to to take out a line of credit for $10k, you probably can.