The Best Advice For Buying A Fixer-Upper Home
By Patrick Young of the blog, AbleUSA.info Buying a home is a big, exciting milestone. However, it can be a pricey undertaking. That’s why many first-time homebuyers consider an “as-is” fixer-upper home to renovate and repair themselves. If you’re thinking about following this path, National Property Inspections invites you to consider the following before you sign your name on the dotted line. PrepareFixer-uppers can quickly become money pits no matter how inexpensive they appear to be at first. If you plan to pay for renovations out-of-pocket, you still need a mortgage to purchase the house. For any mortgage loan, fixer-upper or otherwise, a lender will examine your credit. If you have had any hiccups in the past, you should clear them up ahead of time. Then you will need a down payment for your home, cash for renovations, and if you need to live elsewhere while making repairs, budget for that as well. If you need to roll your renovations into the mortgage, there are loans especially designed for this purpose, but detailed cost estimates must be included. These estimates should consider all foreseeable expenses, including fees, inspections, and permits. Know Your Zone If you’re not sure where to start