Before and After: Envisioning your New Home

Written by Posted On Wednesday, 17 January 2018 18:07

If you are interested in “ as is “ properties or those priced well below other similar homes, you are interested in a fixer-upper or a type of fixer-upper.

Some of the benefits you may want to consider are the following: You will be able to choose the type of renovation and personalize remodel choices; you may be able to buy a home in your desired neighborhood because of the lower price; the feeling of having accomplished a challenging project.

Some of the drawbacks you may want to consider are the following:
Damages may not be immediately visible; not even the most experienced contractors may be able to recognize the extent of the damage until repairs start; costly repairs out of budget.

FHA and Fannie Mae offer renovation loans through accredited lenders*. You can apply to one mortgage loan to finance both the purchase and the renovation of the property which can be a single family home or a condominium. One process, one loan. If you are an investor you may qualify as well**.

Your accredited lender will hold the funds in escrow until the project is finalized. A trustful licensed contractor will play a key role in setting a budget and completing the project. FHA loans eligible repairs** may include roofing, painting, flooring and carpeting, plumbing, HVAC systems, deck and pool repairs, kitchen or bathroom updates among others more expensive repairs. If you need more detailed information about renovation loans, we can put you in contact with a Certified Renovation Lender.

Conventional wisdom dictates that it might be hard to find a home with all first time buyer’s musts and needs; sometimes envisioning your home after renovations or repairs might help just a little bit to ease your path towards homeownership.

*some restrictions apply.
** information is subject to change without notice.

Rate this item
(0 votes)
Maria Castro

My name is Maria; I am a REALTOR® and an Accredited CID Representative.

I associate with Coldwell Banker Quality Properties; my offices are in Moorpark, Ventura. Coldwell Banker is one of the most prestigious real estate brokers in the United States with over 3,000 offices in the country and around the world. Coldwell Banker was founded more than 100 years ago in what it is now the Financial District in San Francisco California, home town of famous entrepreneurs and achievers.

I believe that we - real estate professionals- practice and love the best occupation of all times. We exist to help people achieve their real estate goals; we thrive because real estate creates long term happiness and we leave a legacy by shaping and improving our communities and beyond.

If you are planning to sell or buy or rent a house or condo, I would love to be your agent and trusted partner; or if you know someone who does, I would appreciate your referral. My Coldwell Banker team and I would like to help you turn your dream of owning a new home into reality.

CalBRE # 01992383

Agent Resource

Limited time offer - 50% off - click here

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.