Hopefully a pro will chime in here. I'm just a homeowner who has remodeled various rooms in various homes in various parts of the country. Here's what I know:

$150k can get you quite a bit of work done in a SMALL home if: 1) the basic bones of the house (roof, foundation, wiring, plumbing, HVAC, siding, doors, windows, driveway, etc.) are in good shape, and 2) you don't move or remove walls, and 3) you keep the original layout, and 4) you choose affordable materials, and 5) you prioritize your remodeling projects. That said, costs vary widely by region so you must do your homework. In my area contractors are booked out for months and costs are sky high. Check it out.

As for financing, sit down with a couple of different lenders (include a credit union) and see what they're willing to do. There are many loan products with different costs and terms.

I suspect your dreams are unrealistic in your budget. Remodeling a fixer is not for the faint of heart. It's nothing like you see on TV -- you need a healthy contingency and even then you often fall short. Make sure you do plenty of research and have realistic cost estimates. You don't want to get in over your head. Good luck.

I appreciate this information and your honesty. Thank you!

If you can't afford a 650k home, you can't afford 500K with 150 k thrown at remodel. The average/typical empty nest new build , area of the country depending, can vary between 200 per sq foot, to far closer to 300 sf . or beyond. I recently ( last week) talked a client out of a new build outside Boston for 900k/2047 sq feet. in a planned community, due to its inefficient 1500 sf first floor plan, and their refusal to allow us to revise the plan. That's 440.00 per sq foot before you hang a window shade!

Florida homes are built on slab/concrete and rebar. This makes plumping, electrical changes/wiring far more expensive, and remodel far more arduous and expensive than a home with a basement. Sounds like wish list adjustment is in order : ) for location, or size or newness

Sorry not going to happen for that money just raising the roof will chew up most of it a really inexpensive Ikea kitchen with appliances is going to be 25K for sure not counting counters, flooring which BTW will need to be redone once you move walls . IMO raising the ceiling height is not something I would spend money on I have a MCM ranch with 8’ ceilings and in no way are they bad .I think the advice given above is very good

janicekdavis:

You must be aware of the 50% rule in Florida. You don't want to buy a place based on a particular budget, then find out that you can't cost effectively remodel it.

I worked for a flipper who almost almost flipped when I told him about this after he had acquired a property. Fortunately, he was far enough above the flood plain that he didn't have to demolish the foreclosed home he had purchased and build the new home higher. Pure luck saved him. He never checked, nor did his realtor, lawyer, architect, or general contractor.

I also understand you cannot do DIY in Fla. all the work has to be by actual pros . I have friends in Miami Beach and this was what the bank told them if they wanted to borrow money or have the work approved

This all great advice, thank you.

To clarify one thing, our budget was 500,000 so my thought was to get a 350,000 house and put 150,000 into remodeling. I see now that that may not be possible.

I appreciate the honesty and advice. Thank you.

This would be a dream home but I think it may not be possible in a remodel.

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Disagreed. 150k is a lot of money. You could do something for that much.

Everybody likes to nay-say on these boards these days. Yeah, sure, you probably can't set crazy expectations for that much money, but you'll be able to still do a good amount for that.

Thanks. If it is possible to to have my cake and eat it too, what are realistic expectations?

If you can't afford to buy an already updated home st 500K, then you can't afford the area at all. It will cost more than 150K to get a 350K home to the same level as the 500K home's than just buying already renovated ones. Renovations always cost more than they return in value. If a home is selling for 500K, they probably have 650-700K in expenses in getting it to that state.

We could get an updated home at 500K but I don't like the way they look which is why I thought of getting a smaller home and updating it myself.

Or we can get a beautiful new build home in the suburbs for 500k.

I don't love the suburbs but I love the new house. I don't love the houses in Tampa but I love Tampa.

That's why I wondered if I could get a smaller home and update it to 500K.

Location, location, location. Forget the big, shiny, new house. Buy the small, modest, comfortable house in the area you love. Fix it up as time and money allows.

I go back and forth on this hourly!

I live on the east FL coast. My husband and I bought a fixer-upper seven years and put about $150,000 into it. We did a ton of the work ourselves (and it was not pretty nor fun!) and acted as our own general contractors when we could. With our remodeling budget, we put on Hardiboard siding, replaced all 16 windows, installed new doors (front, rear, and French doors), added new deck, rewired all electric, replumbed, added two HVAC systems (including all new ductwork), completely remodeled two baths, installed new kitchen with granite and new appliances, and installed new engineered hardwood flooring throughout.

I don't quite remember the guidelines but a problem we encountered was that FEMA only allows improvements at 50% of the home value (not land and home). This house is in Flood Zone A.

This house was not our primary residence, so we did not have to live through (in?) the renovations. It took a while (about seven months).

From my experience, it is doable. But please keep in mind that we had the luxury of time (since we didn't have to live in it) and we used the time to our advantage to find great contractors and great prices on products and materials. My husband, especially, did a ton of research to find best prices for materials and labor and was heavily engaged throughout the process. We invested a great deal of sweat equity to renovate a entire house on a shoestring budget.

Good luck!

Lot's of very good advice above. In that area, you will have great difficulty getting this done within those budgetary numbers and getting loan money will be even more difficult. I think you would be wise to live frugally for another 2-3 years and save like crazy. Then you might be able to afford a home within your means. Nice to dream and save those ideas in an "idea book", but you have a ways to go to start a first time project like this. We have friends who bought in the North Redington Beach area and for a 3 BR, condo, were in the 975K range. And that was when the market was depressed. Great place, on the beach, but not cheap and they want to redo the kitchen and family room. So, for a stand alone home, much more risk. Do your homework if you decide to take the plunge, but read postings on the other Houzz forums and these will give you a very good idea of just how much risk you are anticipating. I am not saying it can't be done, as the poster above indicated, but boy it is really stressful and really hard.

Hi Janice, I was drawn to your post for a couple of reasons - My husband and I just closed on a home for less than $500k in the Pink Streets area of St. Pete, and we plan on doing *some* remodeling, but found a home that is basically move in ready. We also had a 500k cap and we will be able to get the essentials done while sticking pretty close to our budget. Second, I will be opening my 2nd office()interior design) in St. Pete and I'd be happy to give you some advice on how to proceed once you do find your home. If you would like a referral for a real estate agent, we love ours and she made the process of buying long distance, from Chicago, as easy as it possibly could be. Good luck!

St. Petersburg is about an hour from me. I get work there occasionally.