Posted on: 18th Feb, 2013 01:26 am
In need of help! I plan to buy a home. I have found a property in an area which is upcoming. But the property needs complete renovation. Will I be able to buy it? If I buy, where will I get a home improvement loan?
Hi Slmon,
Well, why would you buy such a property which would need complete renovation? It may be a waste of money. However, if you buy property for cash, then you can take out a normal home improvement loan from the local lenders and try to renovate your house.
Thanks,
Jerry
Well, why would you buy such a property which would need complete renovation? It may be a waste of money. However, if you buy property for cash, then you can take out a normal home improvement loan from the local lenders and try to renovate your house.
Thanks,
Jerry
If you have some fascination over the area where the property is located in, then you can still go with that. I would suggest you to get the property inspected by a qualified inspector and get an estimate of the improvement costs. You should factor in this cost as the cost of purchase.
Hi Slmon!
Welcome to forums!
You can check out the option of FHA 203k loan for such properties. There are chances that you may qualify for a loan if you meet the required criteria of the lender.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can check out the option of FHA 203k loan for such properties. There are chances that you may qualify for a loan if you meet the required criteria of the lender.
Feel free to ask if you've further queries.
Sussane