Why You Need an Agent To Set the Right Asking Price | Real Estate with HEATHER STOLTZ
Some Highlights:
- The #1 task sellers struggle with is setting the right asking price for their house.
- Without an agent’s help, you may set a price that turns away buyers and takes a long time to sell.
- To make sure your house is priced right, let’s connect. Because, if the price isn’t compelling, it’s not selling.
There are more homes on the market right now than there have been in years – and that could be a game changer for you if you’re ready to buy. Let’s look at two reasons why. You Have More Options To Choose From An article from Realtor.com helps explain just how much the number of homes for sale has gone up this year: “There were 29.2% more homes actively for sale on a typical day in October compared with the same time in 2023 , marking the twelfth consecutive month of annual inventory growth and the highest count since December 2019 .” And while the number of homes on the market still isn’t quite back to where it was in the years leading up to the pandemic, this is definitely an improvement (see graph below):
Some Highlights: The #1 task sellers struggle with is setting the right asking price for their house. Without an agent’s help, you may set a price that turns away buyers and takes a long time to sell. To make sure your house is priced right, let’s connect. Because, if the price isn’t compelling, it’s not selling.
California is a beautiful state with a rich history and diverse culture, and an excellent place to call home. If you're considering a move to California, you'll find plenty of options for both urban and rural living. With a growing economy, excellent schools, and plenty of recreational opportunities, California is a great place to lay down roots and start a new chapter. Here are some quick tips from Realtor Heather Stoltz that can get you moving in the right direction. Schedule a “Vacation” in Your Potential New City When you move to a new state, you don’t just need to choose a city; you’ll have to select a neighborhood that’ll become your new home. Since evaluating amenities, commute times, and similar details online is tricky, schedule a four-to-seven-day vacation in that area. Choose a vacation rental over a hotel so you can get closer to the local experience. Then, spend that time doing exactly what you’d do if you moved there, giving you a realistic picture of what living in that area is like. Take a look at area homes for sale online beforehand. You want to make the most of your time shopping the area, so it’s wise to have a list of the homes you want to see prepared. Make Use of Virtual Tours An increasing number of properties have virtual tours, allowing you to check out a home or apartment using only your computer. It’s a great way to spot places with potential, making it easier to create a shortlist of locations you’ll want to tour in person during your visit. Declutter as You Pack Relocating items you don’t actually need wastes time, money, and energy. As you pack, take a moment to consider whether each possession is actually providing you with any value. If not, assess its condition, sorting it into one of three boxes: sell, donate, or trash. This process keeps you organized while making it easier to prepare for a garage sale, donation drop-off, or dump run. Use Your Move as an Opportunity Relocating presents a unique opportunity to reshape your career and follow your passions. For instance, if you decide to get a master's degree in nursing , you can open doors to diverse and fulfilling career paths such as nurse education, informatics, nurse administration, or advanced practice nursing. Many universities now offer online master’s programs, providing the flexibility to continue working while you study. This approach not only facilitates career advancement but also enables you to apply new knowledge directly to your current job, enriching both your learning and professional experience. Set Up a Grocery Delivery Since unpacking is a cumbersome chore, eliminate the need to grocery shop by scheduling a delivery for the day you arrive. Make sure a few of the meals don’t require much kitchen gear, just in case you need a day to get your kitchen in order. Sandwiches, frozen lasagnas, take-and-bake pizzas, and similar options all work well. Find Contractors You Can Trust Moving to a new state is hard, especially when you aren’t familiar with any of the local businesses. That’s where an app that can put you in touch with trustworthy appliance repair technicians can come in handy. Just fill out some basic information about your house and needs, and it will recommend reputable contractors and maintenance companies in your new area while also enabling you to discover more options. Then, you won’t feel like you’re guessing and hoping to find help you can trust. Use Your Alumni Association to Find Jobs Tapping your alumni association to find job opportunities is wise. Since there’s an existing connection, it’s easier to forge a relationship. Plus, many people want to help alumni from their alma mater thrive, so they’re inclined to assist. Consider Launching Your Dream Business Have you always wanted to start a business? Then don’t let the move stop you. By writing up a business plan, you create a roadmap for profitability. Include a company description, how you’ll sell services, your funding needs, and any financial projections, and you’ll have a reliable framework. Also, be sure to review the pros and cons of each business entity when making your decision about your business structure. Establishing an LLC, for example, can be an attractive option. It’s easy to set up with a formation company’s help, and it offers tax advantages while limiting your personal liability. What Living in California Costs Understanding what it costs to live in California is essential. With the right data, you can update your budget, evaluate job offers, and plan effectively for your financial needs after your relocation. Here’s a quick look at some key numbers: Average home value is around $709,000 Rent typically runs around $2,719 per month Utilities average $239 per month Groceries cost about $3,468 per person a year. Education and childcare also cost less here. For college students, $8,401 per year is typical. For childcare, it usually runs in the range of $13,400 annually. Settle into Life in California Moving to California offers a plethora of opportunities for those looking for a fresh start or a new experience. The state boasts a warm and welcoming community that is sure to make anyone feel right at home. With excellent schools, a thriving economy, and beautiful coastal areas, it's no wonder why so many people are choosing to call California their new home. And with cities like San Diego, San Francisco, and Los Angeles, there's something for everyone in this diverse and vibrant state. So, whether you're moving for work, family, or just to take a chance on something new, California is sure to exceed your expectations. For real estate experience and knowledge you can trust in San Francisco, contact Realtor Heather Stoltz today! Image via Pexels
For digital nomads seeking unique accommodation options, home swapping offers an exciting opportunity to live like a local in destinations around the world. By exchanging homes with fellow travelers, nomads can experience new cultures, save on accommodation costs, and enjoy the comforts of a home away from home. Navigating this unique way of living requires understanding, preparation, and an adventurous spirit. In this article from Heather Stoltz , we'll explore essential tips for navigating the world of home swapping as a digital nomad. Understanding Your Location Researching the area where you plan to stay is crucial to ensure it meets your needs and preferences . Investigate local amenities, transportation options, and attractions to make your stay both productive and enjoyable. Connecting with your potential swap partner for local insights can offer valuable information to enrich your experience. This step ensures you blend in smoothly with the local community and lifestyle. Clear Communication with the Homeowner Establishing clear and thorough communication with the homeowner is crucial for a successful home exchange . It involves discussing all pertinent details, from expectations and preferences to specific house rules and logistical arrangements like key exchanges and cleaning protocols. This open dialogue throughout the planning process and your stay helps prevent misunderstandings and ensures any issues are resolved swiftly, fostering a positive relationship. Ultimately, effective communication is the cornerstone of a smooth and enjoyable home swapping experience, making it essential for both parties to be proactive and transparent in their interactions. Using Trusted Home Swap Websites Selecting the right platform is essential for a secure and reliable home exchange experience. Opt for websites with a strong reputation, user protection policies, and thorough verification processes to connect with trustworthy homeowners . These platforms also provide useful tools for communication and agreement on swap details. Relying on trusted websites minimizes risks and ensures a smooth process from start to finish. Investing in a Home Warranty Investing in a home warranty is a critical measure for safeguarding your property during your travels. Before making a decision, it's wise to compare available home warranty options , focusing on those with comprehensive coverage for systems and appliances. Selecting a warranty that offers convenient, mobile-friendly access and a robust network of professionals ensures reliable repairs when needed. This proactive step not only secures your home against unforeseen issues but also provides peace of mind while you're away. Contingency Plan for Unexpected Situations Creating a backup plan for unexpected developments ensures you're prepared for any scenario. Whether it's arranging alternative accommodations or securing travel insurance , being proactive safeguards your trip. Flexibility and a positive outlook are crucial when dealing with unforeseen challenges. This approach ensures peace of mind and a more enjoyable travel experience, regardless of what comes your way. Sharing Emergency Contacts and Essential Services Providing your swap partner with essential information guarantees safety and preparedness. From emergency numbers to instructions for using home appliances, sharing this information fosters a trustworthy exchange. This thoughtful exchange of information demonstrates care for your partner's well-being and ensures a smooth stay for both parties. Preparedness is a mutual courtesy that enhances the home swapping experience. Respecting Privacy and Security Upholding the privacy and security of the homes involved in an exchange is a fundamental aspect of any successful home swap. This means securely managing personal belongings and respecting the sanctity of your swap partner's living space, adhering to their house rules regarding pets, smoking, and guests. Ensuring the home is left in the same condition as when you arrived demonstrates respect and appreciation for your host's generosity. Such practices not only maintain trust and strengthen bonds within the home swapping community but also lay the groundwork for positive, repeatable experiences that enrich this unique way of traveling. Home swapping offers digital nomads a unique opportunity to immerse themselves in new cultures and destinations while enjoying the comforts of home. By adhering to these essential guidelines, you can navigate the complexities of home exchanges with confidence. Let these tips empower you to embrace the adventure of home swapping, enriching your travels with authentic local experiences and connections. Start planning your dream San Francisco real estate journey with Heather Stoltz —contact her today to create a personalized plan tailored to your unique needs and goals! Image via Pexels
Transition with Ease: Essential Steps to Effortless Career Relocation Preparing for a career-related relocation doesn't have to be overwhelming. With the right framework, you can streamline the process and minimize stress, costs, and time, ensuring a smooth transition to your new location. By implementing careful planning and strategic decisions, your move will be easier and more effective. In the following post, Heather Stoltz offers essential steps to make your move a breeze, and you'll find yourself settled into your new career in no time. Secure a New Job In the quest for a career-driven relocation, one of the first steps is to secure a new job in your desired location. To achieve this, leverage the power of job boards and employment websites. Once you've pinpointed potential job opportunities, the next step is to craft an impressive resume. This is where a job resume template comes into play. These tools allow you to build a resume using professionally designed templates that best fit your industry and personal style. With these templates, you can customize your resume by adding preferred text, selecting colors that reflect your personality, and even incorporating personal photos or unique images. Get Local Insights From Friends and Family Consult friends and family who reside near your new location. Their insights can provide valuable information about neighborhoods, amenities, and the local lifestyle, helping you make informed decisions. Investigate the local culture, schools, and transportation options. The more you learn , the easier your transition will be. You'll be able to focus on your career with confidence, knowing you've chosen the best place for you and your family. Find the Ideal Rental Finding an affordable apartment is a pivotal step that can be efficiently managed through the use of online platforms. These digital resources have revolutionized the apartment-hunting process, offering customizable filters that allow you to narrow down your search based on specific criteria such as price, square footage, and preferred neighborhoods. By setting your budget as a primary filter, you can avoid the pitfall of falling in love with places outside your financial comfort zone. Budget for Your Move and Beyond View your move not just as a logistical task, but as an opportunity to take control of your personal finances. Start by creating a comprehensive budget that includes every aspect of your relocation, from hiring movers to travel costs . This is a chance to practice financial diligence and foresight. As you research various moving services and compare prices, you're not only planning for a cost-effective move but also honing your skills in managing expenses and making informed financial decisions. By meticulously considering potential expenses, you're laying the groundwork for a more financially aware and responsible approach to your life post-move. Start Packing Early Avoid last-minute chaos by setting a realistic packing timeline . Begin with non-essential items and gradually work towards packing essentials. This approach makes the process manageable and less overwhelming. Create a detailed list and follow a schedule; organization is key to reducing stress. Remember to set aside important documents and items you'll need immediately upon arrival. Establish Connections in Your New Community Once you get settled, it’s time to establish connections with locals to ease your integration into the new environment. Join local groups, attend events, and explore online platforms. Connecting with your new community before the move can make settling in more comfortable. Relocating for your career doesn't have to be a daunting task. By following this concise guide, you'll streamline your move, minimize stress, save time and costs, and set yourself up for success in your new location. Remember, careful planning and digitizing your documents will make your relocation journey smoother than you ever imagined. Embrace this exciting change and look forward to the new opportunities awaiting you in your chosen career and location. For experienced help buying or selling a San Francisco home, contact Realtor Heather Stoltz today! Image via Pexels
Welcome to the highly anticipated San Francisco Housing Market Annual Report, where we delve into the latest trends, statistics, and projections shaping the vibrant real estate landscape of the Bay Area. Join us as we analyze the key factors influencing housing prices, rental market dynamics, and the evolving preferences of homebuyers in one of the most dynamic and sought-after housing markets in the country. This comprehensive report offers valuable insights for homeowners, investors, real estate professionals, and anyone with a keen interest in understanding the ever-changing dynamics of the San Francisco housing market.
Demystifying the BRRRR Strategy: A Guide for Property Investors The BRRRR (Buy, Rehab, Rent, Refinance, Repeat) method is an effective real estate investment strategy that could yield high returns if properly implemented. By carefully following each step – buying at a reasonable price, rehabilitating to increase value, renting for consistent income, refinancing to recover capital, and repeating the process – you can exponentially grow your real estate portfolio. With the right knowledge, resources, and patience, the BRRRR strategy can transform you from a novice investor into a successful real estate mogul. This article from realtor Heather Stoltz will provide insightful advice for budding investors aiming to adopt the BRRRR approach. Forming Your Business as an LLC Setting up your real estate business as a Limited Liability Company (LLC) is crucial for safeguarding your personal assets. An LLC separates your business liabilities from your personal assets, thus providing a safety net in case of legal disputes or financial setbacks. Additionally, operating as an LLC can offer tax advantages, making it a smart business decision for real estate investors. If you’re curious where to begin, you can start your own LLC in California with ZenBusiness , an online formation company that’s far cheaper than a lawyer but can still make sure your paperwork is filed quickly and accurately. Conducting Neighborhood Research Before committing to a property, thorough research on the target neighborhood is essential. Factors such as crime rate, school district quality, and proximity to amenities can significantly affect property value and rental demand. By understanding these dynamics, you can identify profitable investment opportunities and make informed decisions about where to buy. Smart Home Features Incorporating a smart thermostat into the home you're flipping can yield numerous benefits, making it an attractive feature for potential buyers. Smart thermostats are celebrated for their energy efficiency and cost savings. They allow homeowners to track their energy usage and create heating or cooling schedules, optimizing comfort while minimizing waste. If any installation or operational issues arise, there are plenty of online resources available for troubleshooting help. Document Organization Keeping all your documents organized is crucial for smooth operations. Consider digitizing your documents and converting them into PDFs for easy access and reference. This includes property deeds, contracts, receipts, insurance policies, and tenant records. Proper document management not only simplifies your business operations but also prepares you for potential audits or legal disputes. Sticking to Budget Budget discipline is key to maintaining a high return on investment (ROI). Unforeseen expenses are common in real estate, making it easy to exceed your budget if not careful. By diligently tracking your expenses and sticking to your budget, you can control costs and maximize your profits. Understanding the Numbers Numbers don't lie, and in real estate, they tell you where your money is best spent. Understanding key metrics such as cash flow , capitalization rate, cash-on-cash return, and return on investment can guide your investment decisions. Familiarize yourself with these metrics to accurately assess potential deals and determine their profitability. Improve the Kitchen When flipping a house, making strategic kitchen improvements can significantly increase the property's value and appeal. One such upgrade is adding a range hood . Not only does a range hood enhance the overall aesthetic of the kitchen, but it also improves air quality by removing excess heat, steam, and cooking odors. This functional feature can make a big difference in the kitchen's usability and comfort, making it more attractive to potential buyers. Being Realistic While optimism is good, realism is better in real estate investing . It's easy to underestimate the time, cost, and effort required in the BRRRR strategy. Being realistic about your capabilities and resources prevents you from overstretching and helps you manage your expectations. Reading Listings to Set the Right Rental Price Before setting your rental price, analyze online rental listings to understand how other landlords are pricing their properties. This market research allows you to competitively price your property, ensuring it's attractive to potential tenants while still generating substantial income. Implementing the BRRRR strategy requires careful planning, diligent management, and strategic decision-making. By forming your business as an LLC, conducting thorough research, crafting a detailed plan, sticking to your budget, being realistic, and setting the right rental price, you're well on your way to achieving success in your real estate investment journey. Remember, every journey begins with a single step, so take that step today. Whether you’re looking to buy or sell real estate, Heather Stoltz is here to help! Call 415-505-9581. Image via Pexels
Excellent top floor interior condo! Two bed/1 bath plus an Office Loft! Nicely updated, this top floor condo is a well laid out unit. Butcher block counters, subway tiles and wood like vinyl flooring brings a nice modern touch to the kitchen. The bathroom has also been updated with additional storage cabinet, newer vanity, subway tiles and floors. With nice natural light, pergo style floors throughout, in unit washer/dryer and one car parking this is a great place to call home! Very centrally located one can access all the best of San Francisco quickly and easily from this location. Freeway access is only a few blocks away and public transportation is also nearby. Regular sale however The City and County of San Francisco holds the right of first refusal. City Second Loan Program is available for qualified buyers on a first come, first served basis. Visit for application & program info.
Have you been thinking about buying or selling? Have you inherited your family property or are starting to have to be the caregiver for your aging parents and are trying to make it all work? I know it can be quite the juggle. Have the finances all been strategically planned for yourself and your family’s future? Or are you realizing now, as you are caring for those aging parents, things need a bit of straightening up and organizing? Do you want to buy investment properties or do you need to know how to best exit from an investment property with as little tax liability as possible? Or maybe you just want stability in your housing cost and want to buy your self a home? Are you at a loss as to where to start or what to do in order to be able to sell for the highest price or buy for the lowest price? In today’s day and age we are all so reliant on technology. Most of our questions we think can be answered by a quick push of a button, a search of the internet or talking to a handful of friends who may have done this before. But when dealing with the largest asset most of us will ever own you need to know you have fully educated yourself on everything. There are so many questions when it comes to real estate and you want to know you have asked them all, even the ones you didn’t know to ask. You need to know the team you hire to protect your assets, to negotiate for the highest or the lowest price possible is 100% committed to your goals and has time proven experience to guide you down the right path. You need to know the person you are going to work with is experienced and trustworthy and will always put you first no matter what. With all the technology in the world I firmly believe we as humans need human contact even more today, especially when making huge life decisions like real estate. No one wants a BOT to dictate how to negotiate and at what price when it comes to your bottom line dollar. A BOT can’t understand the finer details of a transaction. A BOT doesn’t understand construction, dryrot or termite damage or how to sell the potential in your home’s dreary basement. And a BOT can’t dictate how valuable that perfect view may be for your peace of mind at the end of a long day. You need a human for these things. I would like to invite you out to sit down with me one on one in person. I’ll buy the coffee and we will discuss those big life goals. I’ll explain how we can help you achieve those goals, the tricks that we have and the experience and connections that you need on your side. My team and I have grown larger and we service multiple San Francisco Bay Area Counties and multiple property types in both residential and commercial aspects of real estate. New construction, fixers, businesses and for personal use, we do it all. So if you are looking for a warehouse to open the next best business or a multi-plex apartment building for income or the best single family home or condo you can afford in the best location to suit your needs, reach out and let’s schedule time for a bit of human connection! In person we will come up with a plan to help you achieve your goals and explain how we utilize our skills to get you there! Coffee is on me! Call, email or message today for an appointment!
When Breanna Reish decided to buy a home, she didn’t have a lot of extra cash on hand so she looked at foreclosures. She found an older home that had been virtually stripped to the bone, but that didn’t deter her. “You name it, (the previous owners) took it,” says Reish, owner and financial planner of Wealth of Confidence in Riverside, California, who bought her home in 2009. “We were left with a shell of a home that needed a ton of work, but we were able to lower the asking price down $27,000 and the bank also put in $18,000 worth of repairs in order for us to qualify for a loan.” Reish wanted to do most of the work herself, but some of the projects (like new hardwood floors) were hired out to professionals. Although it took extra time and sweat equity, Reish says she’s happy with her fixer upper. “We paid so little compared to what we would pay to live anywhere else,” she says, adding that the home has since appreciated in value — an added bonus. Buying and renovating an existing, older home that needs substantial work isn’t for the faint of heart. A fixer upper can come with a host of obstacles, both financial and logistical, but the rewards can outweigh those challenges. Here are some considerations and tips for buying a fixer upper so you know what to expect. GET INTO THE RIGHT MINDSET When figuring out how to buy a fixer upper, it’s crucial that you have a plan going into it. It can take a considerable amount of time and money to renovate a home, which could extend your timeline and blow up your budget if you’re not careful. Donovan Reynolds, a licensed real estate agent with Coldwell Banker in Atlanta, suggests budgeting an extra 20 percent into your homebuying budget for a fixer upper, just in case. Mina Starsiak Hawk, half of the mother-daughter duo on HGTV’s home renovation show, Good Bones, agrees. “Even in the best-case scenarios there can be factors out of your control, like delays in city permits or repairs that come to a halt because of weather conditions,” Hawk says. “So when looking at fixer uppers, approach it like there will be problems down the line.” If you plan to do many of the repairs and renovations yourself, you still might need to hire a professional at some point. There may be projects that are beyond your skill set, like electrical and plumbing work, so you’ll want to incorporate that into your budget as well. EXPECT YOUR LIFE TO BE DISRUPTED Aside from the timeline and budget, consider your lifestyle. Do you intend to live in the home while it’s being renovated, or do you want something that’s move-in ready? If you work from home or have young children, for example, living in a home that’s under construction for several months might be a deal-breaker. “Like the saying goes, the true test of any relationship is if you can live in a renovation together because there are lots of things to consider like your usual habits and standards of living,” says Karen E. Laine, Hawk’s mother and co-host on their HGTV show. “Think carefully about whether you can live without things like a bathroom or a fully functioning kitchen when you’re fixing up your home.” If living through the hum of chainsaws and bangs of hammers isn’t appealing, you can spread out the remodeling projects over time to minimize the disruption. FOCUS ON LOCATION Location, location, location. It’s the oft-repeated mantra in real estate, and for good reason. You can always fix up a home, but you can’t change its location. An ideal fixer upper is in a desirable neighborhood that you love. Same goes for future buyers if and when you sell. You might be able to score a great deal on an older, dilapidated home, but if you end up hating your surroundings or property values are struggling in the area, you might be left with buyer’s remorse. “Seek the help of an experienced (real estate agent) to help you understand the neighborhood,” Reynolds says. Putting the work into a shabbier home in a sought-after neighborhood, he adds, means you get to “live in an area you might otherwise not have been able to afford.” When shopping for a fixer-upper home, look at neighborhood amenities, such as local schools, shopping, dining, parks and crime statistics. Are the surrounding homes well maintained? Is the fixer upper located on a busy intersection or close to places like a railway or a landfill? Reynolds also suggests paying attention to whether the renovations you plan on making will make sense for the area. “Pay attention to the after renovation value (ARV) so you can estimate whether or not these improvements will give you a return on your investment,” he says. In other words, your home may increase in value, but you may not be able to recoup what you put into repairs. An experienced real estate agent can help you determine the ARV by comparing properties in the local area to estimate the value after the repairs you want to make. GET THE RIGHT TYPE OF INSPECTION Laine, Reynolds and Hawk all agree that when you’re ready to put in an offer, it’s a wise move to bring along a trusted home inspector or contractor. That’s because these professionals may be able to point out potential flaws or other critical issues that could present problems later on. “You want to have someone look at things like the overall structure of the home, crawlspaces, insulation and especially the foundation,” Hawk says. “If the property doesn’t have a good foundation, it may not be the right one for you because it can end up being a money pit.” It’s also important to not let cosmetic flaws deter you from a home you love. Things like broken windows, paint, fixtures and trim, to name a few, can be easily fixed. Instead, focus on the major components of a home so you can anticipate how much you might need to budget and how long it might take to make repairs, such as: Electrical, plumbing and sewer systems Air conditioning and heating (HVAC) systems Roofing Driveway, decks or steps Extensive work needed on bathrooms and kitchen Foundation Before closing on a fixer upper, consider a specialized home inspection for a detailed report on the house. Here’s what to consider getting done, in addition to a standard home inspection: Pest inspection: You never know if a home is damaged from pests like termites, ants or beetles, as it can cause major headaches down the line. Sewer lines: Getting a sewer line scope and septic tank inspection can help you figure out if they’re in need of repair or replacement, especially on older properties. Thermal imaging: A home inspector uses infrared light technology to identify potential issues that may not be apparent to the naked eye. This includes heat loss and air leakage, insufficient insulation, moisture damage and abnormal electrical components. There are additional services your home inspector might offer, so speak with a reputable professional to see if you may need more specialized inspections. FIND THE RIGHT FINANCING Remodeling a fixer upper can get pricey, so it’s critical you have the right financing lined up. Some home renovation mortgages even allow you to roll remodeling costs into your loan amount with a single mortgage. Here’s an overview of some of those programs: Fannie Mae’s HomeStyle Loan The HomeStyle Renovation loan is a conventional mortgage that allows borrowers to either buy a place that needs repairs or refinance their existing home loan to pay for improvements. A certified contractor must prepare and submit a cost estimate and detailed scope of work. The money for the projects goes into a separate escrow account that’s used to pay contractors directly, so you won’t have direct access to the money. Freddie Mac’s CHOICERenovation Mortgage This renovation mortgage, guaranteed by Freddie Mac, is another conventional loan option to roll remodeling costs into a single-close mortgage. The loan can also be used to renovate or repair a home that’s been damaged by a natural disaster or to prevent future damage from a disaster. VA renovation loan The U.S. Department of Veterans of Affairs guarantees loans for military borrowers and their spouses. Borrowers can use a VA loan to purchase a home in need of repairs and improvements, and combine the cost of those projects into their loan amount. Borrowers must use a VA-approved contractor, and lenders may charge a construction fee. FHA 203(k) loans The Federal Housing Administration Section 203(k) renovation loan helps homebuyers purchase a home — and renovate it — with one mortgage. FHA loans also have lower credit score and down payment requirements than conventional mortgages. Homeowners can also use the FHA 203(k) loan program to refinance their existing loan and add the cost of renovation projects into the new one. Other options to fund home renovations include taking out a home equity loan or line of credit or a personal loan. An experienced mortgage lender can help you narrow down your choices and decide on the best type of financing for your needs and real estate goals. BOTTOM LINE There is no such thing as the perfect fixer upper. It’s a matter of a fixer upper that’s perfect for you. Each property is different and the choice depends on your budget, timeline and lifestyle preferences. Be realistic about whether you want to take on a major project or one that requires a few fixes here and there before taking the leap. Written by Sarah Li Cain on AUGUST 21, 2019 on BankRate.com .
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