Meriden Fixer-upper, Is A Fixer-upper Right For You
Meriden Fixer-upper, Is A Fixer-upper Right For You
There are many reasons to consider purchasing a fixer-upper in the Meriden, Connecticut area. Sometimes buying and rehabbing a property is the only way a buyer can afford to become a homeowner. In other cases purchasing a fixer-upper allows the buyer to purchase in a neighborhood they otherwise would not be able to afford. However, rehabbing a property is not for everyone.
There are many factors to consider with regard to the fixer-upper. Will you be living in the house during the renovation? If so, think and plan for how you will take care of things like cooking, bathing, or doing laundry while the renovation is underway. You will have disarray and construction equipment in your home for potentially several months. A home being renovated is no place for very young children, older children may enjoy a period of “camping” at home. There are local extended stay hotels you can stay at as well while the heavy renovations are done like the Residence Inn.
Establishing what work a buyer would like to do and must do and what it will cost to do before they make an offer is a key step. One of the greatest reasons a buyer would buy a fixer-upper is that you control the end result. You want expresso colored hardwood floors you can have them, a Corian countertop rather than granite you can have them. Do you want radiant heat, or a geothermal heating system install one while renovating. You must be able to see through the condition the house is currently in and what it can be when you are done.
Meriden CT Fixer Upper
Buying a Meriden Connecticut Fixer-upper requires the use of a renovation mortgage unless the work is very minor. The great news is that there is a low down payment mortgage just for this called the FHA 203k renovation mortgage loan. It is a loan for the money needed to purchase a home as well as renovate it. A borrower can put down as little as 3.5% of the final loan amount. Use it to buy bank owned homes, foreclosures, short sales in need of work, even “grandma’s house” the house stuck in a time warp in need of a total cosmetic upgrading. The great part of a 203k mortgage loan is that a borrower is not in the process alone. A FHA 203k mortgage loan consultant will tour the property with the buyer and create a report of all the items that will be repaired to make the house safe and sound. Would you like more information on FHA 203k mortgage loans and one can help you to purchase and renovate a fixer-upper in Meriden, CT or the surrounding area, call Jon Sigler FHA 203k mortgage loan expert at 860-306-8029.
