When we bought our home it was currently being used as an assisted living home and have to under go an incredible renovation. We had to take out all of the external fire hydrant pipes, all of the alarms on the windows and all of the commercial grade carpet from through out the house.
It was a huge undertaking but it was worth it. We got such a great deal on the house because it needed to be converted into a regular home. We laid tile, patched up the holes where the fire hydrants were, and added nice plush carpet in the bedrooms. We’re still working but have made it our home. We just replaced the roof and are still working on the guest bath. We also need to finish our master bedroom and master bath.
I wouldn’t change a thing, it has taken us awhile but buying a fixer-upper was the right choice for us. You can get a 203K loan which is specifically for when you buy a fixer upper you are buying. FHA’s 203(k) loan program is designed to finance the purchase and renovation of your home, all in one loan.
Now you can also get a homepath mortgage. This is perfect for foreclosed homes. With this loan you can get financed on homes as cheap as 60K! We have a ton of foreclosed homes around here. If I were buying again that is definitely the way I would go. You can get a great fixer upper really really inexpensive.
This is a sponsored post by My Prospect Mortgage.