How to Buy a House like HGTV’s Property Brothers
I’m sure you’ve seen it. HGTV’s Property Brothers. They work with their clients in a unique way. They show couples their DREAM HOME, a home that is way out of their price range and dash their dreams. BUT THEN, they explain that they CAN have their dream home at a price they can afford by renovating a fixer-upper. So they Begin the search for the right fixer-upper. Once found, they purchase the home and fix it up to be a DREAM. Have you ever wondered How YOU buy a house like HGTV’s Property Brothers? Here is how you can do it — and you DON’T need a bunch of cash!
If you can dream it, you can do it, right? Right. So, first, write down all the things you dream of having in a home. Start with the big things like; area (square footage) in the home and yard space — those are things that can’t be repaired. Then think features like; number of bedrooms, bathrooms, sizes, layouts, fireplaces, water features, etc. When you have the list, either written down or in your mind you are ready to meet with us.
To start your search, contact us and get an appointment to sit down with one of our talented buyer specialists. Share with us your “dream list,” and we will use it as a tool to narrow down houses to find what will work with the necessary changes, and get rid of the homes that won’t allow the right changes. Once we know what you are looking for we can start the home search. We will search all the online inventory, find a the few houses that look fitting and then go look at the homes in person to see if it still finds the needs of your dream home.
While searching, have an open mind and remember that the house will look almost completely different when it is done. Changing layouts, adding bedrooms, knocking down walls, adding fire or water features. The more open your mind the more creative we can become. Our agents will help you with the process so don’t worry if you think you’ll need help!
After we find THE house, we want to lock the home down with an offer. Good deals move quickly so we will too. With the home reserved we can take the time needed to get an inspector and contractor inside and start to budget out the changes and fixes needed in order to make it PERFECT. We can keep the renovation as simple as a wish list and a walk through, or we can draw it out on paper, OR we can go as crazy as getting a model made up to how the final project will look. (If you have the vision we should be able to keep it just to a drawing.)
When building a brand new home or renovating a home usually there are 2 different loans. So here is the exciting part– we have a unique loan that allows you to obtain financing for the value of the home after the renovation. To give you an example, lets say you find a house for $130,000 that needs about $40,000 worth of work to make it your dream home. We will help get you a loan for $170,000 to cover the price of the house plus the amounts for repairs. Or if you find a $300,000 home that needs $100,000 worth of work we will get you $400,000 to purchase and fix it up. It’s like you are flipping your own house and will have INSTANT equity!
5. Close and Fix
Once we take care of the financing part and close on the home, the contractors will work their magic and renovate your fixer-upper to match your dream plans. This is the fun part — seeing your plans come to life! And then, the very best part — you get to move into your totally affordable, brand new, CUSTOM, DREAM HOME!
Contact us today to have us help you get started. We can be your personal Property Brother.