The house is perfect but too small for us & there is no inventory

By
Home Inspector with 203kOnLine.com, covering the USA S0289

No inventory in the MLS for us, what properties are available are getting multiple offers and driving the cost up. This gave us the idea of looking for a fixer. We found even those weren't in the neighborhood where we wanted to live or were just too small for our family.

Thus the dilemma, what do we do? Here are our choice.

1) pay too much for a house at bidding auction... NOT interested

2) Buy a home in an adjacent neighborhood but the schools aren't as good... NOT an option

3) We did find one very small house in the area we want to live in but it is just too small. BINGO!!! This might be the best option. Using the FHA 203k loan program we can add on to the home and thereby increase the size to fit our needs. 

Advantages are that you get a partially new home, updating the rest as may be necessary. You can update the existing home if needed, build the room addition that might be an additional bathroom and several bedrooms. Possibly repairing the fencing, adding a new gate, and pretty much anything else you may want to do to make this "your home". Frankly I like to see new carpeting in every new home as you can never tell what may have gone on on that carpet prior to your purchase. 

Posted by

Mike Young, 203k Team Leader    Mike ready for your 203k order

To learn more about the FHA 203k loan program go to www.203kOnLine.comWhat is your fee? 

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Comments (4)

Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

This is a very good advice.  Buyers often need to know what their options may be and a 203K is a very creative solution.

Apr 26, 2013 12:19 PM
Frank Harper
Idaho Family Real Estate - Boise, ID
Broker/Owner, Realtor, GRI, SFR.

That is a great idea! I wish I would have thought of that! Thanks!

Apr 26, 2013 12:38 PM
Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366
Dry Rot and Water Damage www.tromlerconstruction.com Mobile - 916-765-5366 - Placerville, CA
General Contractor, Dry Rot and Water Damage

This is an excellent example of how buyers can take advantage of the 203K loans to get what they want in a tough market Mike.

Apr 26, 2013 05:47 PM
Mike Young
203kOnLine.com, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

Joan, Frank, and Tom

thanks for stopping by, we do try to get you to think out of the box, sometimes we can't see the forest for the trees.

M

Apr 27, 2013 03:37 AM