Like most major purchases in life, buying a fixer-upper home shouldn’t be taken lightly. Make sure you take the time to do your research to find out if you can afford the renovation costs and whether or not you have the time to put in the work it will require. For more stories on fixer-uppers, check out our feature on Andy and Lauren Williams.
Buying a fixer-upper and improving it can build instant equity in a home. The Federal Housing Administration (FHA) and the Housing and Urban Development (HUD) have programs in place to loan buyers money to fix the home up without having to access an improvement loan and a mortgage loan through conventional means, a complicated and expensive process.
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Homebuyers looking for a “fixer-upper” loan for a house in need of repair or to finance needed maintenance to their current home often find.
Now on to the real upside of buying fixer upper houses: major savings! These homes can go for as little as 60% to 80% of the original asking price, says Baumbusch.
You get the loan to buy the property, and then there is a reserve put in escrow to help you continually pay for the changes being done. See how much you can afford now. Terry Lambert, home mortgage specialist for AgStar Financial Services in Bloomer, Wis., says she has a lot of clients looking for financing for fixer uppers.
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Pros and Cons of Fixer-Uppers. But if after considering the risk associated with a fixer-upper you decide you want to buy a home that will require necessary renovations to make the home structurally sound, sanitary or safe then the VA home loan probably isn’t the right loan product for you.
The best type of fixer-upper to buy is one that will appeal to the largest pool of buyers: a three-bedroom with more than one bath. Of course, a two-bedroom home can be profitable, especially if that’s the dominant size of homes in the neighborhood, but a three-bedroom house is better.