http://www.prucalvoices.com/2008/10/remodel-or-remodeled/ Conversations in Real Estate Wed, 08 Feb 2012 15:43:51 +0000 hourly 1 http://wordpress.org/?v=3.2 http://www.prucalvoices.com/2008/10/remodel-or-remodeled/comment-page-1/#comment-162 Lee Ginsburg Mon, 27 Oct 2008 17:14:51 +0000 http://www.pruvoices.com/?p=144#comment-162 I think the first time buyer or any other buyer is better off buying a remodelled home in today's market. The main reason is leverage. The bank is loaning you money for the remodel. You are putting down less of your own money. To do the remodelling yourself you have to pay cash out of pocket with the hope you might be able to refi later and get your money out. Second, In today's market it appears you could buy a remodelled home for less than the true costs of remodelling. Third, Remodelling is not that easy. Maybe you can't even live in the home while work is being done, even if you can it disrupts your life style, dealing with contractors and the building departments is never as easy as it looks. I think the first time buyer or any other buyer is better off buying a remodelled home in today’s market. The main reason is leverage. The bank is loaning you money for the remodel. You are putting down less of your own money. To do the remodelling yourself you have to pay cash out of pocket with the hope you might be able to refi later and get your money out. Second, In today’s market it appears you could buy a remodelled home for less than the true costs of remodelling. Third, Remodelling is not that easy. Maybe you can’t even live in the home while work is being done, even if you can it disrupts your life style, dealing with contractors and the building departments is never as easy as it looks.

]]> http://www.prucalvoices.com/2008/10/remodel-or-remodeled/comment-page-1/#comment-155 Nicole Wed, 22 Oct 2008 18:20:13 +0000 http://www.pruvoices.com/?p=144#comment-155 Great blog... I think it depends on how much "tlc" is needed. A first time home buyer should look at homes that need some sweat equity, but not if its so much they are stuck in a money pit they can't afford to fix. Great blog… I think it depends on how much “tlc” is needed. A first time home buyer should look at homes that need some sweat equity, but not if its so much they are stuck in a money pit they can’t afford to fix.

]]> http://www.prucalvoices.com/2008/10/remodel-or-remodeled/comment-page-1/#comment-154 Jean Joh Wed, 22 Oct 2008 17:45:25 +0000 http://www.pruvoices.com/?p=144#comment-154 Good question. I have many clients who start out thinking that they want an REO or a fixer-upper, because of the lower prices that they've heard about. I guess the most impt thing is that they know what they're getting into. In general, though, unless a client is a contractor or has a contractor friend/relative who can help them, I would hesitate to recommend a "contractor's special" to a first-time home buyer. Buying a home for the first time already has enough excitement on its own, even if the home is in "move-in" condition. Good question. I have many clients who start out thinking that they want an REO or a fixer-upper, because of the lower prices that they’ve heard about. I guess the most impt thing is that they know what they’re getting into. In general, though, unless a client is a contractor or has a contractor friend/relative who can help them, I would hesitate to recommend a “contractor’s special” to a first-time home buyer. Buying a home for the first time already has enough excitement on its own, even if the home is in “move-in” condition.

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