Need a captivating closing paragraph still.
Are you considering joining an already large group of buyers out there buying outdated homes to update and make them unique to them. Although this process is slightly more complicated than HGTV makes it look. We can help you take the right steps to your next fixer-upper.
Whatever part of town you decide to look in, you and your agent need to have a really good understanding on the real estate market for that neighborhood. Our tip: If you’re in Houston, you can see all the market data – to include a sold price range – at HAR.com. This is the MLS system we as agents use and it is the most accurate to what is happening in real time in Houston Real Estate.
Line up your financing. You will want to make sure you find a lender that offers rehab/construction loans. There are a few options out there for both Conventional and FHA buyers. Some lenders offer these products and some do not, so it’s a good idea before you actively start looking for houses to search out a lender that offers a rehab/construction loan on hand and able to get you pre-approved.
If choosing a Sticks & Bricks Realty agent, you as a buyer, will have an exclusive access to our sister construction company, Construction & Design, Inc. Construction & Design, Inc. provides complete construction services for residential clients with a one-contact, one source commitment to make your dream home a reality. You will want to ensure whoever you choose to manage your renovation meets your lender’s requirements and is prepared to begin your project as soon as financing and closing is approved.
It is important that you and your agent be on the same page regarding your plan for repair requests and negotiations and you trust their skills to help you get the home for a fair price in a fair condition. Some of these homes are in great condition but just look outdated, but some will actually need structural or mechanical work done to them. Regardless of whether or not you anticipate these items from the beginning, your goal is to get a seller to accept your initial offer. You will have an inspection/option period to more thoroughly review the condition of the home to then renegotiate based on those findings
The last stage of the process is fun – CLOSING! The house is yours! This is also when you will be making final design selections of colors and finishes for your renovation. Our recommendation is always try to renovate prior to moving into the home. Save yourself the inconvenience and stress of trying to live in a home that is actually a construction site. Depending on the scope of your project you may not have a kitchen, bathroom, flooring and even walls. It all has to be worked on to accomplish your dream … so the mess actually gets worse before it gets better! The process will go faster, easier and much less stressful without you living in a home while renovating.
During the renovation process, sit back and watch the transformation take shape! Working with a good contractor and clearly expressing your budget and vision will work to your advantage. Now that all the hard work is completed its time to MOVE IN! and enjoy your one-of-a-kind home.
We know that the task of purchasing and remodeling a fixer upper can be daunting. Trust me we know…we do it for a living! But we also know there are many of you, who like us, love the opportunity to find the diamond in the rough and make it beautiful once again. We hope that these little guidelines are of value to you as we have used them ourselves time and time again when helping clients finding the right house for them. Because at the end of the day when all the emotion and stress is taken out of the picture, your just left with a bunch of sticks and bricks.