Solutions To Make Every Home Perfection

Solutions To Make Every Home Perfection

Summerville, SC – The New Tract Home Blues  Buyers of newly-built homes are often tapped out after making the initial down payment and closing costs, including upgrades to amenities and the inevitable need for new furniture.  Why settle for a cookie cutter home that may not fit all your needs, when you can buy a property with a mature yard and POTENTIAL FOR PERFECTION?

If you’re thinking about buying a home that needs a bit of a face lift; there are several things to consider. First and foremost, your mortgage consultant needs to what improvements need to be made. Here are some factors to take into consideration.  

Will the improvements increase the property value?
Are the improvements needed to qualify the home for bank lending requirements?
Are you making improvements to increase energy efficiency?
Will improvements be completed within 30 days, or in stages?
How much will the improvements cost?

The Major Overhaul   If you have found a home that requires major renovations that require an architect (removing load bearing walls, adding rooms, etc.), or that total more than $35k, you may need a full 203k loan.

Just a Facelift, Please!   If you need small repairs that will be completed within a 30 - 60 day time frame, such as the repair/replacement of roofs, gutters and downspouts, upgrade of HVAC, plumbing and electrical systems, new flooring, minor remodeling including painting, weatherization (new doors, windows), new appliances, disability access improvements, etc.  The perfect loan may be the 203k streamline. 

Remember to keep in mind the current market value of homes in your area to make sure you’re not going over the limit on the fair market value of your home. You’ll want to get a return on your investment!   Regardless of your reason for home improvement, make sure you share your goals with your real estate professional and mortgage consultant. Your loan officer can walk you through the various loan options and confer with your tax adviser to make sure you’re getting the best deal possible.

Submitted for Jessica Laettner by Ginenne M. Rife.  Ginenne is affiliated with American Equity Mortgage, a Licensed Direct Lender in NC/SC. For free consultation and more information about the 203K loan or other mortgage loan programs, call Ginenne at 803-403-2336.    

Connie White Headshot
Phone: 843-532-3356
Dated: October 17th 2013
Views: 70,619
About Connie: My personal venture into real estate was driven by the desire to provide an enjoyable environme...

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