Are you thinking about buying a fixer-upper home to renovate? This could be a smart investment in Las Vegas where home prices are on the rise.
The way to do this needs two aspects; if you can buy the property for under market value and you have a renovation plan that is well thought out with the right projects in the house that increases the home’s equity.
Of course the buying and renovation of the home will need financing and the Smith Team of Keller Williams Realty Las Vegas can help you. We are one of the three of Real Estate companies working with this wonderful program from Platinum Mortgage Group.
Michael Sweeney of Platinum Home Mortgage Group stated “The Homestyle Renovation Redevelopment Program fills a need in our community where home prices are going up and there are thousands of lower-priced older homes needing new owners.” This program helps home shoppers that are looking for lower-priced homes and not put off by renovating a home and can visualize transforming a home into their dream home.
This program offers a qualified borrower to receive a 30-year fixed-rate mortgage for up to $453,100 to purchase a “non-picture perfect” home, including homes that some mortgage lenders will not finance due to the home’s condition. The renovations to the home come from using a portion of the mortgage that is set aside in a separate escrow account and have vetted and screened contractors to do the renovations. These improvements can run from minor repairs to changing the flooring, kitchen and even installing a swimming pool. Also renovations can include new air conditioning system, electrical work, plumbing and roofing.
The program is open for purchasing an owner-occupant homes, vacation home, and investor homes. Also you can apply to refinance and remodel your existing home under one fixed-rate mortgage.
Bottom Line- This is a great opportunity for those that like the idea of purchasing a home under market price and renovating it to the home you want to live in.
Keep in mind that whether you are interested in buying a home or selling a home, a Realtor should represent you– this person is working for your benefit and will help you navigate through the buying or selling process. I have thirteen years in New Home Sales and sixteen years in General Real Estate sales!
Thanks and make it a terrific day…………Robin