Buying a Twin Cities Fixer Upper

If you’re in the market to purchase a home in the Twin Cities metro area and are planning on waiting until spring, you may be met with lots of competition. If that turns out to be the case and you don’t feel like competing with others only to get shut out of a home you’ve had your heart set on, consider looking at fixers.

I know what you’re thinking: “A money pit? No thanks!”

 Actually, if you play your cards right, you can get an amazing loan that will wrap the cost of the rehab work into the mortgage. You’ll get more house for the money and it will be customized to your tastes and lifestyle.

Advantages of Purchasing a Fixer

Sure, they don’t look like much when you first view them, but you need to look at these homes with a different eye. Imagine the homes’ possibilities and advantages. Some of these include:

  • Resale value: Because they cost less than surrounding homes, buying a house in need of repairs may allow you to purchase in a better neighborhood than you might otherwise afford. This means better schools and a higher resale value.
  • Yes, prices of fixers are much less than homes that don’t need work. Sellers of these homes are often more willing to negotiate on price as well.
  • As mentioned above, you won’t need to conform to a home that has fewer features than what you need – make the house conform to you!

Loans for Fixers

One of the easiest ways to pay for the rehab of a fixer is with FHA’s 203k program. 

It’s basically an FHA-backed loan that provides for the cost of the home plus the amount needed to rehab it — all rolled into one monthly payment.

Not all Lenders provide this loan, so contact Team Lindahl and we’ll put you in touch with one that does.

 

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