Question:

Can I ask for $10,000 more than the asking price of a home I am buying? I want to make some upgrades...?

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First time buyer. Excellent credit, etc. Already been approved for the loan. But I would like to add around $10-15 k in upgrades. Fence in th yard, landscaping, newer appliances, central air, etc. just name a few. If anyone can give me some real details on what I need to do.

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  1. Depends. In this banking climate we are in now the banks may be more reluctant to finance this. For starters it would depend if the house would appraise out for the increase. The best advice for the first time homeowner would be to go slower and just see what you need for a while. There will be things that go wrong with the house and do you really need to pay for thirty years on a washing machine? It is always easy to get a second if you really need to later. Do not be suckered into the idea that the interest rate on the first is cheaper therefore borrow more. The real rate of interest depends on the life of whatever you are buying. Like I mentioned, thirty years on the washing machine that will die in seven.


  2. Depends.  Talk to your lender and tell them your plans.  They may bite.

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