1) Save $100’s of Thousands on Purchase Price (see below examples source data: themls)
2) Increase Equity (value) Faster. The above renovations took place over a 6 to 12 month period and averaged an 32.67% Increase in value. Compare this to the “Historical Average Stock Market Return” is 10% according to S&P 500 as reported by NerdWallet
3) Get a Home in a Neighborhood/City that may otherwise be out of reach.
4) Use increased equity for further updates with specialized financing;
Renovation loans are mortgages that let you finance a house and improvements at the same time. With a renovation loan, you can pay off improvements over a longer period of time and at a lower interest rate than other types of financing. Options include:
FHA 203(k): Offered through the Federal Housing Administration, FHA 203(k) loans allow lower income and credit scores than conventional mortgages. They can be used for most improvement projects.
VA renovation loan: The Department of Veterans Affairs recently updated its VA loan guidelines to include the purchase and renovation of a home. A VA-approved contractor is required, eligible projects are somewhat limited and your lender may charge a construction fee.
HomeStyle: Guaranteed by Fannie Mae, HomeStyle mortgages require higher credit scores than FHA 203(k) loans. But almost any improvements are eligible, including “luxuries” like a pool or landscaping.
CHOICERenovation loan: Guaranteed by Freddie Mac, this mortgage allows improvements that help homes withstand natural disasters, among other upgrades. And borrowers can make repairs themselves, prior to closing, to earn a down payment credit.
A fixer-upper mortgage may also help cover your mortgage payments if you have to live elsewhere while improvements are in progress, and may include extra funds in case projects exceed the estimated cost.
5) You get a home EXACTLY as you want style, finishes, features. Be it Modern, Traditional, Classic or Transitional. You get to choose.
Are you, a friend or family member looking to take the next step in life? Maybe downsize? Maybe cash out and Travel the world? Maybe sell to be closer to grandchildren? Being a Certified Senior Real Estate Specialist (SRES) means I’ve been trained to know the unique needs of those entering into this next stage of their property journey. Here’s how I can help. Click Below Video.
Ratings & Reviews
08/25/2020 – smdonskyBought and sold a home in 2019 in Los Angeles, CA.
Pete Roach was invaluable during the purchase of our current home. We had a complicated multi-layered transaction process which involved the sale of property in another state. Pete Roach was knowledgeable, expedient and faced every challenge with unparalleled excellence. With Pete Roach’s guidance we are completed the sale out of state property and purchase our new Beach Side Home. We would highly recommend Pete Roach to everyone, first time buyers, multi-property transactions or investors.
08/24/2020 – rcs nycHelped me rent a home in Los Angeles, CA.
Really enjoyed our experience finding a home to rent with Pete. He’s super knowledgeable, professional, and kind. We especially appreciated his patience and clarity helping to negotiate our lease! We’ll definitely work with him again.
08/23/2020 – deliamartin401Bought a home in 2019 in South Pasadena, CA.
Pete helped us buy our first home! He has extensive knowledge of all things West Side but when we pivoted to the San Gabriel Valley, he was on point in every way! He did research, talked to locals and drove out to scout the open houses for us. We highly recommend Pete!
08/22/2020 – shawn yardFound a tenant for a home in Culver City, CA.
Local knowledge: —
Peter was incredibly responsive to my needs, and went above and beyond to help me. His knowledge and experience are very clear and super impressive. I highly recommend him to anyone who is looking for an amazing Real Estate agent.
08/20/2020 – SuzyFGBought and sold a home in 2020 in La Quinta, CA.
I’ve bought and sold many properties over the past 35 Years, and working with Pete is always an amazing and effortless experience. He has represented me on both purchases and sales of several properties and has handled every transaction with great knowledge and expertise. Throughout every step of the process Pete is communicative, extremely knowledgeable, efficient. Pete is a great resolution finder and is always prepared to meet every challenge. Working with Pete is always an easy and pleasant experience. I highly recommend Pete, whether you are a first time buyer or an experienced investor.