The Home Buyer's Korner

Information presented should be used for educational purposes only.

January 22nd, 2016

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NASHVILLE, TENNESSEE

Home Buyer’s Korner

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Improve Your Resale Value

Home Additons

Get Pre-Approved for a Buy It, Fix It Home Loan

Before you make a major structural change with a renovation loan, it is important to consider how this will affects your home’s resale value. While there are many home modifications you can and should take to improve your home a detached garage may be a wise decision and can drastically improve your resale price when the time comes.

The first step is to consult with a real estate agent to get information about how the addition of a garage or any other improvement affects your home’s value.

As a home buyer, you should be well aware that one of the most common ways value is determined is a market analysis based on price per square foot. While factors such as age, condition and neighborhood amenities affect a home’s value per square foot, the size of the improvements has a direct impact on property value. For example, adding a garage adds square footage to the property, and a real estate agent can help you to determine the true financial gain, you may experience through this addition with a cost market analysis.

Properties that are more appealing to future home buyers will sell for a higher price. When you add a garage to your property, you may be adding style and functionality to your home. Creating a detached garage with a workshop or other functional areas adds appeal, so think hard about what types of improvements will not only give you a great place to live; but add additional selling power when the time comes to upgrade or downsize.

Some home buyers using renovation loans add a garage to the home because one was never constructed in the original design, but others will add because they wants to transform the existing garage into a more functional area. An example might be turning the existing garage into a living room; a bedroom or expanding the home’s living area. With the addition of a new garage home buyer’s that plan to buy and renovate can retain the benefits of having a garage while improving the overall functional use of the home..

The addition of a detached garage can benefit you and your family in a number of ways, and it can also improve the resale value of your home. Work with your real estate agent and a general contractor to find out what works best for the home you’re thinking about purchasing.

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TENNESSEE HOME OWNERSHIP TOOLS

Your Home Purchasing or Refinancing & Renovation Tools,

Home Improvements, Home Renovations,

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase.

Here are just a few of the home improvements

you might consider with any Home Renovation loan

Repair or replace a roof

Install, replace or repair gutters and downspouts

Replace, repair or upgrade your HVAC system

Repair or replace plumbing

Install, repair or replace electrical systems

Kitchen remodeling (including the purchase and installation of appliances)

Bathroom remodeling, Full interior painting, Total exterior painting

Repair or replace a septic system and/or well

Disability access (wheelchair ramp, elevator, widen doorways)

Build, repair or replace a deck, patio or porch

Basement waterproofing and finishing

Abatement/Stabilization of lead-based paint hazards

Replace old windows, Room additions, Finish an attic

Add a second story to your home

Replace a termite damaged sill plate (a water-damaged sill plate also)

Possible landscaping items such as correction of grading & drainage problems,

tree removal, repair a driveway and sidewalks

FHA 203K

Your Home Purchasing or Refinancing & Renovation Tool

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

FANNIE MAE HOMESTYLE

The Conventional Alternative to FHA 203K

Great for Real Estate Investors and Second Home Renovations

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

USDA RURAL DEVELOPMENT

Up to $10K for Home Improvements, Renovations or a Simple Remodel

Mortgage Loan Officers, Real Estate Agents & General Contractors are ready to assist you

A SIMPLE HOME SHOPPING INSPECTION TOOL

Organizing your home shopping experience affords a wise decision-making process.

This simple home inspection tool makes your ultimate buying decision a smart one.

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