Murrieta Real Estate Dated Homes

Looking for property in Temecula? How about houses in Temecula? Then you have come to the right place!

dated houses

Why buy a home that someone is “Flipping” when you can do the upgrades yourself?

Murrieta Real Estate

Dated Houses

Is it better to buy one that has been upgraded already?

When buyers are looking for a house they normally have a budget; so much for the down payment, so much for closing costs, so much for the mover. So in most circumstances the buyer will try to find a home with the right location and all the amenities that they desire. The problem with that is that will probably pay top dollar for that home since everyone else looking to buy is thinking the same thing. What if I told you can outsmart the rest of your buyer competition by buying a home that is in need of updating or repair and you could finance the updating and repairs into the loan? Wouldn’t that be exciting? Of course it would! If you figure that for every $10,000 you need to do the upgrades and or repairs that you borrow it will cost about $60 per month. That is much cheaper money that financing it outside of escrow. This loan is called a FHA-203-k renovation loan. The below chart from Prospect Mortgage explains how it works.

Dated Houses

Why Buy a dated house that someone else purchased at a discount, did minimal repairs just to make it look good on the surface, then sold it to you? You can do all this yourself, it is not hard, there are many good, quality contractors that can give you the bid(s), 2 or 3 bids are recommended, then you choose your contractor, submit your bid and plans to your loan officer, acquire the loan, close escrow, then get started on your new dream home. There are also FHA 203-k consultants that you can hire to do the job of guiding the contractor along through the process. If there is profit for the individuals that “flip homes” then sell them to you then there is no reason you cannot do this yourself.

For more info Call Linkpin Realty at 951-200-4610, Ask for CA Realtor / Broker Frank Giaimo and he will be available to answer all your questions.

CA BRE Corp # 01873081