Housewarming Realty Group

Find out why I can’t own chickens! Everything homebuyers need to know about HOAs in our latest blog post @ https://housewarmingrealty.com/f/hoa-scoop-for-homebuyers

There are at least 20 tv shows that I can think of that focus around the transformation of a neglected house. Love it or list it, Good Bones, and my wife's favorite Fixer Upper. There is something satisfying about the idea of making something beautiful again. Also, let's face it, old houses are cool!

Did you know it also makes a lot of sense from a financial standpoint? When you increase a homes value through renovation your gain immediate equity that can be far greater than the cost of the renovation. You also end up with a home that is exactly what you wanted. Whether your goal is a "live in flip" where you intend to sell the house for profit, or you are trying to create the home of your dreams major renovations are a great way to get there.

But what if you don't have a ton of money to sink into a renovation project? There is a perfect loan option for those wanting to buy a "fixer upper". The 203k loan allows borrowers to roll the cost of major renovations into the loan. This is an FHA loan which means they require only a 3.5% down payment.

If you love older homes or you are looking to get a great deal on a neglected house the FHA 203k loan is definitely worth a look.
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