Have you ever thought about buying a home that needs some work and turning it into the home that you’ve always wanted? That’s a smart idea!
If you’re one of those homebuyers who can spot a residential “diamond in the rough”, and envision everything that the home could become, you may be surprised at the financial advantages:
- You may get a bargain by paying less than market price
- Bargain prices can get you into a more expensive area than you could otherwise purchase
- You may be able to buy a larger home than you’ve imagined
- Improvements you make can increase the fair market value of your home
- The renovated property will be done just the way you want it, reflecting your tastes and serving all your needs
So, What is a Renovation Loan anyway? With a renovation loan, you can finance the home purchase price plus the cost of repairs and/or updates. You can also finance an existing mortgage plus the costs of repairs. With both these options, you only have one application, one approval process, one loan closing and one mortgage payment.
This renovation loan enables you to make repairs and/or improvements right after closing, and the renovation costs are spread throughout the mortgage term. This type of financing is usually a better option than financing repairs and updates with a personal loan or credit cards, which have all those higher interest rates.
You owe it to yourself to get that updated kitchen or bathroom you desire, or to add a pool, deck or some nice landscaping. Plus, you may even want to install some new flooring with ceramic tiles, laminate, real wood, or new carpet. Maybe even do some repainting of those interior walls.
Where do you find these bargains? Many older homes may need energy efficient updating or modernizing. Banks have foreclosures and REOs, and there are still many short sale opportunities too.
If you have specific questions regarding renovation financing, send me a message or text me at 210-789-4216, and I will put you into contact with a preferred lender at PrimeLending. Search for homes on my website, Foreclosed Homes For Sale in San Antonio. Then, let’s get together for our initial consultation to get you on your way to finding your next home.