Renovation reality shows can get us in the mood for taking that worn-down beauty on the other side of town and turning it into something special. But what we see on TV isn’t necessarily what goes on in real life.
Buying a fixer-upper home is a big project that can be a good choice for those buyers who want to make a house uniquely theirs. There are ways that this project can be financed through your mortgage lender but before you do so, remember these tips:
A home that needs improvement can be a mixed bag. On one hand, if you are a dedicated renovator with experience, this can be a great option to make the home truly yours! But if the home needs a lot of work or you’re not sure where to start, it’s recommended that you find a home that needs less improvement. .
Before purchasing a home that needs renovations, be sure that you have the resources and motivation to stick to it. Make a list of renovations that are needed and weigh the pros and cons, and get quotes from licensed contractors so you know what you’re getting into
There are programs available that can help make your dreams of turning that fixer-upper into your perfect home a reality. Some of these programs include:
Working with your local lender will help you find the best program for you. They will also help educate you about individual guidelines and qualifications.
If there was ever a time to get a home inspected, this is it! Renovations of a fixer-upper home can reveal unforeseen problems, like structural issues, so catch them early on with an inspection.
Remember, a home inspection doesn’t put a value on the home. Rather, it tells you what issues may or may not be prevalent should you choose to move ahead with the purchase.
If DIY-ing, a home inspection is critical in understanding the scope of the project and how costly it could potentially be.
Are you planning on making home renovations yourself or will you be using a contractor? Knowing this answer beforehand will help you find the best finance option for you, as renovation loans require a licensed contractor that will abide by an approved timeline and budget.
Work as a team with your local realtor and lender to find the best property option for you and your budget. They can help guide you through the process and answer any questions you may have.
Renovation programs are eligible in the following states: AK, AZ, CA, CO, HI, ID, MO, NM, NV, OH, OR, TX, UT, WA and WY.
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