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Thinking About Buying a ‘Fixer Upper’? Here’s What You Need to Know

February 2, 2017 by Kay Monigold

Thinking About Buying a 'Fixer Upper'? Here's What You Need to KnowWith all of the home renovation and fixer-upper shows on television, the idea of completely renovating and re-doing an old home can seem like an enticing premise. Unfortunately, investing in the wrong fixer-upper can mean an awful lot of expenditure without the added financial rewards. Whether you’re considering investing down the road or are ready to dive in, here are a few things to consider first.

How Much Do You Want To Spend?

It’s easy to be swept away by possibility, but before making an offer you’ll need to sit down and determine exactly what you’re willing to invest into upgrades for your fixer-upper. By deciding what you would want to renovate, what the cost of materials and labor would be and how this figures into the market price of the home, you’ll be able to determine if the price you’re offering will be worth it.

Are Major Repairs Required?

It’s one thing to consider a nice paint job and new tiling in the kitchen, but if there are serious issues with the home, it can create huge financial issues to put money into it. Because foundational issues or water damage throughout the home can be expensive items to repair and will take time and resources, fixing these issues may cost more than the money you’ll make. If you’re uncertain about what you’re getting into, it may be a wise decision to bypass the investment all together.

Are You Willing To Work?

Most home fixer-uppers that people buy can be financially lucrative because the buyer is interested in doing a lot of the work themselves. However, if you’re thinking of hiring people to do the work for you, this can end up costing a lot more money and eating any profits the renovations might have created. It’s also important to realize that renovations can go over budget. Instead of being idealistic about a fixer-upper, ensure you’re certain it’s what you really want so that you’re not stuck with a home you don’t want to invest your efforts into.

The idea of digging in and getting your hands dirty with purchasing a fixer-upper may be endearing, but if you’re not truly prepared for the responsibilities it can be a drain on your time and your finances.

Filed Under: Home Buyer Tips Tagged With: Buying a Home, Home Buyer Tips, Upgrades and Renovations

Understanding Real Estate Contracts and What You Can Expect to Find

January 10, 2017 by Kay Monigold

Understanding Real Estate Contracts and What You Can Expect to FindThere are a lot of things that go into the successful sale of your home, but many people are unfamiliar with the intricacies of the contract. Whether you consult with your real estate agent or plan on diving in on your own, it’s important to be clear on the terms. If you’re wondering what you can expect when it comes to the contract, here are some pointers on what to watch out for.

Real Estate Jargon

A real estate contract would not be complete without the professional terminology, so you’ll see words like amortization, price-to-income ratio and title that may impact the meaning of your contract. Instead of going it blind, search the Internet for terms or consult with your real estate agent to provide a clear explanation.

Specifics On The Sale

Information regarding the specifics of your property will be present in the contract, and it’s important to check this information before signing on the dotted line. While the address and location of your home are important, it’s also critical to verify the purchase price that has been decided upon, the closing date on the property and any other items that have been negotiated and agreed upon.

Be Aware Of Withdrawal Terms

It can be easy to be taken away by excitement once you’ve received the perfect offer on your home, but it’s important not to lose sight of everything that’s required before the sale has been finalized. One of the most important parts of the contract is the withdrawal terms that are laid out, so be certain you’re aware of what your rights are if you or the homebuyer decides to withdraw from the process.

Watch For Seller’s Responsibilities

If you, as a seller, do not remain committed to the terms of the contract this can be a deal breaker, so ensure that you’ve familiarized yourself with exactly what’s required of you. This may include everything from the maintenance on the property to offer negotiations, so it’s important to comply with these terms.

Dealing with a real estate contract can be confusing for the layman, so it’s worth your while to have a trusted real estate agent around who will be able to explain it. From withdrawal terms to seller responsibilities, there are plenty of things you should be aware of before sealing the deal.

Filed Under: Home Buyer Tips Tagged With: Buying a Home, Contracts, Home Buyer Tips

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Our Team

Kay MonigoldKay Monigold
Owner/Mortgage Broker/Residential Mortgage Loan Originator
NMLS#1086176

Steven LoweSteven P Lowe, Sr
Residential Mortgage Loan Originator
NMLS #1085638

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