How a Renovation Loan Helps You Buy a Fixer-Upper
Knock-knock. Who’s there? Not that wall that was keeping you from that open concept you really want.
That’s one of the many benefits of buying a fixer-upper on the market. While some homes are move-in ready with the layout, yard and features you want, others are not. The biggest issue with those perfect homes is the hefty sales price, which makes it difficult for some first-time home buyers.
If you find yourself in a situation where most homes are at the top end or beyond your comfortable zone, give yourself more options to choose from by looking at homes that need a little TLC. In the event you find a fixer-upper with good bones, but updates and repairs are necessary, that’s where a renovation loan comes in.
Outdated homes are often considerably more affordable than their modernized counterparts. Plus, you can customize every facet of the home to your liking. That’s why we want you to understand how a renovation loan works and show you how simple the process really is.
Renovation financing differs from a traditional loan, as it has a few more steps. That makes sense because you’re changing the home before you move in. The biggest difference is that the cost of renovations will be included in the sales price of the home, so it’s important to know those details before getting too far into the process. Here’s how it works:
So, what happens when renovations get underway?
Next? The home you’ve always wanted is finally yours. Plus, the cost of the renovation is included in the home’s sales price, so you have just one loan and one monthly payment to go along with one beautiful home.
Get your home loan lesson plan
While it may start with an email address, our goal is to secure you a new home address. It’s simple with your personalized Lesson Plan. Every step of your journey is covered so you know what to expect, when to expect it and are always up to date. It’s the perfect place to get started.