Renovation Realities for First-Time Homebuyers

Renovation Realities for First-Time Homebuyers

Home projects aren’t everyone’s cup of tea. But if you’re a first-time homebuyer, it might be helpful to have some basic fix-it skills.

With today’s low inventory, rising home values and bidding wars that put some properties out of reach for first-time homebuyers, odds are that the house in your price range will need work.

And that means it’s never been more important to keep an open mind as you begin your home search.  Here are five tips for adjusting your renovation mindset as you’re looking at houses.

·      Don’t get distracted by cosmetic issues.  Remember, walls can be repainted, cabinet fixtures can be updated and outdated lighting can be replaced.

Take a handyman class.  To boost those do-it-yourself skills, consider a free workshop or seek out online tutorials.  There are many to choose from at home improvement stores and online.  Recently I showed a home to a client who wanted to walk out of the house when she saw the flowery wallpaper.  I got on YouTube and showed her a How To Video on how to easily remove wallpaper with some inexpensive products and a little elbow grease.  She made a fair offer on the home and the home has been transformed from dingy & dated to modern & elegant.

 Focus on the big-picture items.  Is the home structurally sound? Does it need a new roof, electrical work, new windows or plumbing?  A home inspection is your best source of information about these key home systems and any potentially cost prohibitive repairs.

 Look into a 203k loan.  Talk to your real estate professional about a 203k loan from the Federal Housing Administration (FHA).  It’s specifically designed for buyers looking at fixer-uppers, and it covers the purchase price as well as a wide range of renovation costs. Your real estate professional should have a trusted, reliable loan officer available to help you through this process.

 Finally, enjoy the process!  Turn to your real estate professional and home inspector for professional advice.  Trust me, when you’re planning on buying a home, people will always chime in and offer their advice – good or bad.  Rely on your expert’s advice for the most up-to date view on the current housing market.
  

If you’re looking to buy or sell a home anywhere in the world, I can put you in touch with a real estate professional who will always have your best interests in the forefront of their mind.  Click here to email me directly or browse my website here.

This article is courtesy, in part, by RE/MAX