Fixer-upper listings have recently been on the rise, according to a recent Zillow analysis. The number of homes listed with descriptive terms like “needs work” and “TLC” is up 12 percent from five years ago. But how does a homebuyer finance those home renovation projects? Today, we’re highlighting one of the most popular financing options borrowers, the FHA 203k loan.
We're in the age of do-it-yourself homeownership. Through online tutorials and big box improvement stores, homeowners have the means and education to complete their own renovation projects, but are they happy with the overall project? According to a Zillow analysis, three-quarters of homeowners completed a DIY home improvement project in the last three years, but nearly 40 percent of those homeowners wish they hadn't.
Renovation TV shows like Fixer Upper and Rehab Addict can inspire homebuyers to purchase a home in need of some TLC, but they leave out a very technical part of the process: financing the renovations. Fannie Mae's HomeStyle® Renovation Mortgage is one of a few renovation loans we offer. This loan type allows purchase and refinance borrowers to include financing for home improvements into the transaction of an existing home. Here's what you need to know about this renovation loan.
According to a report from Harvard's Joint Center for Housing, home improvement and repair spending will increase 8 percent by the beginning of 2017. As existing home inventory has dwindled, homebuyers have purchased homes that need repairs, renovations and improvements.
Buying a fixer-upper or is your current home just in need of some major functional or aesthetic improvements? Finding a home that meets every one of your wants and needs can be a daunting and somewhat unrealistic task. While TV shows like Fixer Upper may inspire you to take on an older home in need of some TLC, they leave out a very important part of home renovations: how to finance them.
The ability to personalize your home to meet your personal style and needs is a huge perk of homeownership, but when it comes to home renovations, not all boost home value. Certain home renovations, additions and amenities can devalue your abode.
Finding a home that meets every one of your wants and needs can be a daunting and somewhat unrealistic task. Maybe you love the look and nostalgia of an older home but also want the efficiency and modern features of new construction. Perhaps you’ve found a home with great “bones” but is in need of some major (or minor) TLC.
This is where rehab loans come into play for homebuyers who love the idea of making a home their own but need a financing option to do so. Here are three options that give you the ability to not only buy a fixer-upper but make the home improvements and renovations to make it livable and energy efficient.
The front door. The focal point of your home’s exterior. Entry doors have a lot to live up to. They have to be tough enough to withstand temperature extremes, precipitation and intruders, as well as boost curb appeal. Entry door replacements are one of the top home improvements for value, recouping anywhere from 82-91% of their cost. Here’s how to determine what kind of front door fits your needs.
Curb appeal, energy efficiency and higher-cost remodeling and renovation projects topped the list of Remodeling magazine’s 2016 Cost vs. Value Report. For the 30 projects reviewed, the average cost and average resale return was 64.4%, the second-highest return in the past eight years. If you’re thinking of making home improvements to improve resale value, here’s what the report found to be the greatest remodeling, renovation and home improvement projects for cost recoupment.
If home improvements, a remodel or renovation are on your 2016 homeowner to-do list, budgeting for those items is essential. Afterall, an estimate is just an estimate. Every remodeling project is unique and costs vary depending on your budget, materials, contractor, timing and even your geographical location.