Yes, I said it, “The Ugliest Home on the Block”. If you’ve already started you home search, you’ve probably already seen a home with old broken kitchen cabinets, pink tiled bathrooms, and green shag carpeting! Well maybe not that bad, but you get my point. 🙂
At this point you are wondering, “Why did my Realtor bring me here?” Yes I know in addition to me being a Realtor, I am a huge fan of HGTV’s “House Hunters”. So I know what your thinking! 🙂 LOL
Most new homebuyers today are looking for stainless steel appliances, granite countertops, totally upgraded, in a good school district, with a low price.
So what do you do if everything on your wishlist is not in your price range?
Here are a few solutions;
- Ask your lender about a rehab loan.
- Expand your search area.
- Consider an income property.
A rehab loan will allow you to buy a home that needs work. It gives you the money to repair the home, then sit back and enjoy your ideas, not the ideas of the previous homeowner. You will also increase the value of your home.
Expanding your search area will of course allow you to see more homes. I understand you may love the area that you are in, but know that there are new opportunities for everyone. The area that you may not want to expand to may have better school districts, better home values, and even communities based on your social activities. So keep an open mind. Ask your Realtor to send you community info. Do a search online yourself and find things that you may love. Compare the homes in the expanded area with the homes in the area that you originally chose. Write pros and cons down for each and may the best home win:)
Consider an income property! Consider buying a multi-unit investment property or a home with an income suite. You may have never thought about being a landlord but, with this option you can have a large percentage of your mortgage paid. You can also ask your lender about a rehab loan with this option.
As a Realtor I want you as a home buyer to understand the possibilities available to you.
Here’s a great one that I found on a great blog “Living In Olympia”. http://bit.ly/1jUBhJJ Notice the big difference a little color can make. So remember keep an open mind while searching.
If you are looking for a great Realtor in the Chicagoland area, contact me today! I’m ready to help. Complete the form below & I will contact you within 24 hours.