Help Your Clients Add Enjoyment and Value to Their Home with Upgrades or Remodeling
Some buyers shy away from older homes, properties that are outdated, or houses in need of repairs. In the 2015 report on Home Buyer and Seller Generational Trends from the National Association of REALTORS® the following reasons were given by home buyers when asked why they chose to purchase new homes:
· 40% wanted to avoid renovations or problems with plumbing or electricity
· 24% preferred the ability to choose and customize design features
· 10% saw a lack of inventory of previously owned homes
Contrast this to the top reasons given by buyers of previously owned homes:
· 32% listed “better price”
· 32% indicated “better overall value”
How many of your clients are aware that the FHA Limited 203(k) Rehabilitation Mortgage could open up the best of both worlds?
· All-in-one loan used for minor non-structural repairs
· There is no minimum requirement for repair costs
· Can be combined with the FHA Good Neighbor Next Door (GNND) program
· Max completion time: 90 days – IMPROVE Instead of Move!