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. Ginenneis 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.
Author:Connie White 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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Updating your front door is an easy way to make sure your home stands
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