If you’re thinking about buying a home for sale in any of the communities along 30A, you may be considering a fixer-upper – a home that needs a little attention before you can live in it or rent it out to tenants.
But before you dive into the idea head-first, here are three questions you need to ask before you buy a fixer-upper.
What to Ask Before You Buy a Fixer-Upper
Before you think about buying a home that needs work, ask yourself:
- Why am I thinking about doing this?
- Where will I live while I’m working on the house?
- Where will I get the cash for renovations?
Here’s a closer look at each.
#1. Why am I thinking about buying a fixer-upper?
Your motivation matters – so figure out whether you’re interested in buying a fixer-upper because you’ve watched so many home renovation shows that you’re confident you can do it all yourself or you really understand how much work is involved in fixing up a house.
#2. Where will I live while I’m working on the house?
While it seems like a no-brainer that you’ll live in the house while you work on it, you have to know that it’s inconvenient to live in a home that’s in a constant state of construction. Living elsewhere can present a financial challenge, though – it’s not always feasible to rent another place or stay in a hotel.
#3. Where will I get the cash for renovations?
If you don’t have cash on-hand right now for renovations, you still have options. You may be able to get an FHA 203(k) loan, which lets you put down as little as 3.5 percent as a down payment. There are restrictions, though, so you may want to talk to your lender. Another option is the Fannie Mae HomeStyle loan, which is similar to the FHA loan. Again, there are restrictions, so you’ll need to talk to your lender.
Are You Buying a Home Along 30A?
If you’re thinking about buying a home for sale on 30A, we can help you. Sign up for exclusive access to the hottest listings – we’ll notify you as soon as homes that meet your needs hit the market!
You can also check out all our 30A real estate listings or get specific with these links:
