What is a Renovation Loan and how does
it work to fix up that Phoenix Arizona home that the bank just listed and is totally trashed?
Well, basically it’s a loan on the home that covers the cost to fix it up. So if you find a great home but it just won’t work for your family because it’s outdated, missing appliances, maybe it needs another Bedroom or an addition of a Family Room this is the type of loan to consider for buying that REO property.
A renovation loan can be especially great when the price is really good and you love the location.
This is a previous listing in Glendale that needed paint and carpet but otherwise was an excellent home with a lot of upgrades that would be hard to find at such a bargain price. Perfect to be renovated.
What options do you have to get this home and fix it up? You’ll need to find a lender that specializes in 203k renovation loans in Arizona. Otherwise, you have many options from remodeling a bathroom, fixing the roof, adding new updated appliance or whatever you want to make the home your special Dream Home.
This is where a Renovation Loan can take a so-so house and make it
the perfect home for you. So what are you waiting for let’s find your families’ new fix up project home. I think it offers great possibilites if you want to design your own color scheme including the paint, carpet and countertops.
What a great opportunity to get a home at a below market price and
$$ save money $$. Some options include:
Update or expand the home with an extra bedroom, bath or
- Upgrade a kitchen
- Finish a remodeling project
What type of homes will this cover?
- Homes selling “as is”
- Homes with termite damage, cracked slab or other major
- Homes that are too small
- Homes that need remodeling of the kitchen and baths, new
air conditioning or heat.
- Homes in great neighborhoods that just need to be
- Partically renovated homes but the seller ran out of
What is the benefit?
- More options, tax savings, lower payments
- Opportunity and savings
- Flexibility and decorating choices