20% down payment on a house, or put it toward updates?

We are in the process of purchasing a home for $320,000. It appraised at $333,000. We wanted to put 20% down so as to avoid the mortgage insurance. It would leave us very little cash for updates and improvements. We could be in this house for 1-5 years. Would it be better to only put 10% down and use $30,000 to 1. Add central air, 2. Update 2 bathroom vanities, 3. Replace hot water heater, 4. Update lighting fixture, 5. Update kitchen counters, and 5. several other little things around the house.

Could we have the house re-appraised in 3-6 months to see if we qualify for canceling the mortgage insurance? Would all those things add enough value? Would this be re-financing? And can we refinance that soon after closing? Also, other similar houses in the neighborhood have sold for $40,000+ more than our house, but they’ve all been updated.

submitted by /u/LoudBottle4051
[link] [comments]

We are in the process of purchasing a home for $320,000. It appraised at $333,000. We wanted to put 20% down so as to avoid the mortgage insurance. It would leave us very little cash for updates and improvements. We could be in this house for 1-5 years. Would it be better to only put 10% down and use $30,000 to 1. Add central air, 2. Update 2 bathroom vanities, 3. Replace hot water heater, 4. Update lighting fixture, 5. Update kitchen counters, and 5. several other little things around the house. Could we have the house re-appraised in 3-6 months to see if we qualify for canceling the mortgage insurance? Would all those things add enough value? Would this be re-financing? And can we refinance that soon after closing? Also, other similar houses in the neighborhood have sold for $40,000+ more than our house, but they’ve all been updated. submitted by /u/LoudBottle4051 [link] [comments]

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