Q: I just bought my first home. Like most of the homes I saw in my price range, it definitely needs cosmetic fixing to really make it livable — paint, carpet and tile, and some sprucing up in the kitchen and bathroom. (It was a foreclosure, so some of the cabinet doors are missing, etc.) Honestly, I used almost every dollar of my savings just to buy the home, so I didn’t have any money left over for repairs. I thought I’d be able to go get an equity line and finance the work that way, but have been turned down by the bank. They said there’s no equity in my home to borrow against. What did I do wrong, and do you have any suggestions?

A: The reality that is dawning on you is one that hits almost every seasoned house hunter at the entry-level price range these days: Close of escrow is actually going to be the beginning, not the end, of your homebuying adventure.

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