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Renovation Loans

   Renovation loans can be a home buyer’s best friend.    How is that, you may ask?    Because the renovation loan is used to purchase a house – you kind of like – and turn it into the Home of your dreams, all before you move in!    With rates at historic lows and properties...

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Purchase Renovation Loan

Posted by Carmelo Vitello | Posted in Financing Renovations | Posted on 30-10-2013

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Getting into a new home? – “Don’t Decorate – Renovate!”

First time buyers should make their first home a – True Dream Home – by looking at a mortgage product that is designed to complete the purchase of the as-is house into the home of their dreams. It is called a Renovation Loan.

Get the money to buy And replace the kitchen, update the bathrooms, refinish all the floors, paint all the walls, get all new applicances and lighting fixtures. Spruce up the outside of the home and update decks and staircases, even the front door! … This may seem like a lot to do all at once but think of the money savings and the peace of mind you will have by moving into a “newly renovated” home of your own.

The money savings is large in a few ways;

1- Negotiate down, the cost of the purchase by offering the seller an as-is price. – Most buyers will try to negotiate with sellers to ‘fix this or that’ for the price the seller wants. The biggest decrease I ever see the sellers agree to, is when that price reductions comes with ‘no strings’ to the seller. … The less the seller has to do – the better chance you have of them agreeing to a larger reduced price.

2- All your renovation work will be built into the mortgage and the costs spread out over the years. … You get a bigger tax write off also!

3- You will get a better price from the general contractor because all the work is being done at once and in a short amount of time. … If you move into an ‘as-is’ and start doing the work little by little over a much longer period of time, it will cost you much more. … (and living with all the mess is NO fun.)

Peace of mind has no price tag. Most homeowners that move into the ‘as-is’ home with thoughts of getting different updates done, will typically not see them done for years in the future.  Just think of not having to live with any of the mess and inconvenience of having work done while living in the home.  The home will be complete before you move in and you get to enjoy all the updates from day one!

There are a number of these purchase renovation loan programs available for one to four family houses and in different price ranges. Please contact me to go over all the particulars, including qualifications, for this exciting program.


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