Resale homes are not always picture-perfect due to wear-and-tear, changing design trends and a home’s aging. As a result, older homes for sale tend to take longer to sell and sell for less than homes built in the last few years. They make a ripe opportunity for home shoppers who can envision transforming a non-picture-perfect home into their “dream home” through renovation.
Buying a home with plans for immediate renovation may seem overwhelming because of the costs to buy and renovate a home and the need to make a renovation plan and to find reputable contractors to get the job done. The Homestyle Renovation Redevelopment Program directly addresses these concerns by offering a fixed-rate, 30-year mortgage that funds both the home purchase and renovation and by connecting the buyer-renovator to experienced Realtors, designers and contractors who can assist throughout the process.
“The Homestyle Renovation Redevelopment Program fills a need in our community where home prices are going up and there are thousands of lower-priced, older homes needing new owners. These homes are left unsold or purchased by home flippers who buy, renovate and resell them for a profit,” said Michael Sweeney of Platinum Home Mortgage Group in Las Vegas, which introduced the Homestyle Renovation Redevelopment Program in March.
“The Homestyle Renovation Redevelopment Program helps home shoppers who want to buy a lower-priced home, are not deterred by the concept of renovation and can envision transforming the home into their dream home while working with the program’s contractors who handle all of the details.”
The multifaceted program streamlines the home financing and renovation process and offers qualified borrowers a 30-year, fixed-rate loan of up to $453,100 to:
■ Purchase a “non-picture-perfect” home, including those that some mortgage lenders do not finance due to the home’s condition and “cash-only” sales.
■ Renovate that home, using a portion of the loan set aside in a separate escrow account and a referred general contractor, with home improvements running the gamut from minor repairs, flooring, kitchen renovations and swimming pool installations to significant renovations that may include electrical, structural, air-conditioning and heating units, plumbing, roofing and other improvements.
The program is available for home purchases by owner-occupants, vacation homeowners and investors, as well as to homeowners wanting to refinance and remodel their current homes under one fixed-rate mortgage.
“After you determine the amount of mortgage that you may qualify for to pay for both the home purchase and renovation, one of our Realtor partners will help you in your home search and help you weigh the potential renovations of different homes,” Sweeney said, adding that they can assist in selling a client’s current home. Current Realtor partners include Robin Smith of the Smith Team at Keller Williams Las Vegas, Blake Guinn of Realty One Group and Brian Frabbiele of Better Life Realty.
Developing a renovation plan and budget prior to the home purchase is an important aspect in determining if the particular home meets the home shopper’s needs and budget.
“The Homestyle Renovation Redevelopment Program will connect you to vetted contractors and professionals who can help you understand your options, what the renovation plan may look like and the costs. We also have a design center where you can look at many different design possibilities, like what is offered at new-home neighborhoods,” Sweeney said.
With the proposed renovation plan and a review of the home shopper’s personal financial situation, Platinum Home Mortgage Corp., NMLS NO. 103615, can determine if the home shopper qualifies for the mortgage amount required for the purchase and renovation or for a refinance mortgage with renovation.
“The cost of renovating a home can vary significantly, depending upon what your home needs. Some people choose to paint, redo kitchens, re-floor and add a swimming pool, while others may tear down walls and replace just about everything,” Sweeney said. “Our Realtor partners can help you find the house to purchase. Our general contractors can help you decide what to renovate and do it. And our program can help you do it all under one mortgage. Because of our approach, you can successfully buy a less-than-perfect home and renovate it into your dream home.”
For additional information, visit vegasrenovationloan.com or call 702-664-6161.