Homes Plus
Issue link: https://www.ifoldsflip.com/i/147118
AUGUST 2013 HOMES PLUS 7 Renovation loans give homebuyers an edge in competitive market SPECIAL TO HOMES PLUS Submitted photo design of a particular home, but the kitchen is straight out of the '70s and the deck needs major repairs, a renovation loan can help them purchase the property while upgrading the kitchen and outdoor space exactly how they want them. "Many homebuyers are surprised you don't need a ton of money in the bank to fund improvements," Kelly said. "A special type of loan called a renovation loan is ideal for these types of homes because it covers both the cost of the mortgage and the overall structure of the loan are different for each program. Typically the loan is based on the , estimated home value after improvements, and buyers will need to get bids from licensed contractors to help determine the total loan amount as well as a timeline for the work to be completed. Because finding a home and getting approval of a renovation loan can be complicated, it's wise for buyers to work with a real estate specialist who has experience in these types of sales. For example, RE/MAX agents lead the industry in professional designations and many have experience working with buyers who want a renovation loan. Visit www.remax.com to find an agent in your area. "A renovation loan really does give homebuyers an edge in today's competitive market," Kelly said. "It's definitely something to research and determine whether it's right for you." 233463001 (BPT) – Just a year ago, homebuyers could choose from a bounty of properties on the market. Today things are starkly different. In many locations throughout the United States, inventory of homes for sale is at historic lows, creating a seller's market where multiple buyers get into bidding wars over move-in-ready homes. "Move-in-ready homes may be selling like hotcakes, but older homes or damaged properties are often passed over," said Margaret Kelly CEO with RE/MAX. "This , is a big opportunity for smart buyers who are willing to overlook cosmetic or other imperfections." If buyers can look beyond aesthetic characteristics like paint color, hardware and floor coverings, they may discover a diamond in the rough, especially if the home is in the neighborhood where they prefer to live. For example, if they like the overall repairs." Renovation loans can also help buyers who want to purchase in a particular neighborhood where most home prices exceed their budget. Properties that need work are typically listed at a lower cost and often go unsold, creating an opportunity for people willing to make improvements. Buyers can use a renovation loan to get into the neighborhood of their dreams, quickly build equity and customize a home to their personal preferences. Several variations of renovation loans are available. Federal Housing Administration renovation loans are called 203(k) loans. How much money you want to borrow and the kinds of improvements you plan to make will determine which of the two 203(k) types you need. Freddie Mac and Fannie Mae have their own specific types of renovation loans. Requirements for the borrower, the amount you can borrow, and 2425 Fox River Pkwy L Waukesha - $155,000 1408 Clearwater Dr. Oconomowoc - $325,900 310 Cypress Pt. North Prairie - $400,000 Extremely well maintained 3BR, 2BA condo w/loads of windows & transom glass. Main level features FR with Gas FP, large KT/dinette w/food pantry & 2nd BR. The open staircase w/14' ceilings will lead you to an upstairs loft, master BR complete w/steeping & separate shower, dbl vanities, WIC, 3rd BR & 2nd flr laundry. All of this, plus easy access to stores, shopping, walking and bike trails. PIN #07558 Three words to describe this home. IMPECCABLE, IMMACULATE & IMPRESSIVE! KT features granite counter-tops, HWFs, wine cooler, double ovens, gas cook-top to patio doors leading to deck & hot tub. The formal LR/DR has gas FP. Master BR, complete w/gas FP, master BA w/double vanity sinks, shower & sitting room/office. LL has 4th BR, BA and FR. PIN #96418 4BR, 3BAsplit ranch located in the Broadlands. First floor features first floor office, large kitchen/dinette complete with HWFs, Corian counter tops, walk in pantry & center island. FRw/GFP. Screened porch & deck. If entertaining is your pleasure, you won't want to miss the LL, which boasts a den/bonus room, BR, & FR w/wet bar. Inground sprinkler system. PIN #77508 Sharon Tomlinson 262/470-2000 Sharon Tomlinson 262/470-2000 Sharon Tomlinson 262/470-2000 S5 W31396 Hidden Hollow Delafield - $525,000 Nestled on over 2 acres, you'll find this 5BR, 2.5BA home. Inside features incl, formal LR w/French doors leading to FR w/wet bar & GFP, large KT/dinette w/center island, FDR, sun room & 1st floor laundry. Dual staircases, home owner's suite, complete w/shower, whirlpool, dbl vanity sinks & WIC, along w/4BRs. LL w/full walk-out waiting for your finishing touches. Easy access to I-94, shopping & award winning KM Schools. PIN #28628 Sharon Tomlinson 262/470-2000 S46 W36528 Carriage Drive Ottawa - $650,000 4BRs, 2.5BA on over 7 acres. Formal DR. Cooking will be a breeze in the family-sized KT & a FR of unusual proportion, utility and charm. A sun room completes the LL. Upstairs you'll find secluded wings. LL w/finished rec room. Outside, you'll find numerous outbuildings perfect for car enthusiasts or someone running a home business. In-ground pool, complete with it's own building. PIN #20258 Sharon Tomlinson 262/470-2000 New Price! W4847 State Road 20 Troy - NOW $499,500 N8046 County Road H La Grange - NOW $263,900 Beautiful 5BR, 3 full BA home w/exposed LL is nestled on 6.96 private, rolling, wooded acres! Vaulted ceilings, banks of windows & a huge, dream KT w/partial wall pantry, 2 islands. A two way see through FP is between the LR and kitchen dinette. The second FP is in the FR. 3 car garage has a convenient access stairwell to the basement. Great, heated outbuilding with lift & compressor. PIN 14508 4 Acres County Road ZZ North Prairie - NOW $112,900 W395 N7095 Saeger Road Oconomowoc - $299,999 W333 S4782 Fieldstone Drive Genesee - $309,900 Open concept 2BR, 2.5BA exposed ranch. Teak wood flooring in GR, hall & BRs. KT with Schrock/hickory cabinetry, large island, walk-in pantry, & all appls are incl! MBR suite w/whirlpool, separate shower, dbl sink vanity, & 1200sq ft building w/heat & air. GR w/flr to ceiling GFP & views from 3sides. Rear deck w/gazebo. LL is framed for a 3rd BR, office, FR, and plumbed for another BA. 3.5 car GA. PIN 14508 Build your dream home here! This beautiful rolling 4 acre parcel is not in a subdivision located just north of the Broadlands & adjoining an additional 6 acre parcel. Easy to follow Village of North Prairie restrictions. Regular or exposed basements okay. Want horses? Large flat area to rear not visible from road. Near KM State Forest, approx 1.3 miles to riding trails. Enjoy golfing at the Broadlands. PIN 14508 Outstanding Location! 3+ acres, private, mature, wooded! Adjacent to state conservancy land. Walk to Lac La Belle! Open concept, 2 way fieldstone NFP from the KT w/granite & HWF, dinette w/patio door & GR w/patio door & built-in media center. Loft den/office area. Upper level laundry rm. Wall of windows & patio doors, 6 panel doors, vaulted/tray ceilings, unique brick patio, heated 3 car GA. PIN #88028 Dramatic wooded and kettled 3 plus acres hide-away, a sparkling swimming pool, redwood decks and lush perennial gardens! Updated features throughout include insulated Vinyl siding, and Pella and Marvin windows. Open concept offers many gathering options. Wildlife parades and woods and fields to explore promise the best of country living. Ask for features list. PIN #48058 Marilyn Burns 262/441-0348 Marilyn Burns Shorewest, Realtors® gives you more technology to help sell your home. • New mobile website at m.shorewest.com • Enhanced internet site with easy searches and mapping • Bilingual hotline that lets you listen to descriptions or have them texted to your cell phone • All listings on YouTube and Shorewest TV - over-the-air Channel 58.4, Time Warner Digital Cable channel 984 and Charter Cable Digital Channel 966 262/441-0348 Marilyn Burns 262/441-0348 Karen Joost Henry 262/370-5679 Brian/Mary Steinke 414/254-3423 Brookfield Office 262/786-4000 Waukesha Office 262/548-9393 Lake Country 262/782-4710 Hotline: 262/814-1400 + 5 digit PIN to receive text or photos to your cell phone shorewest.com