A conventional loan is one of the many options you have when purchasing a new home. A conventional loan is a popular choice for many. The one thing to note is that since they are not insured by the federal government, they usually have higher down-payment, credit score, and income requirements than government loans.
With a conventional loan or any other loan, you can purchase your dream home or the perfect fixer upper. If you find a home that fits the majority of what you’re looking for, but needs repairs or upgrades, think long-term. Over time, you can address the parts of the home that may need fixing.
There are some things you can do that are easier than others. These are the cosmetic things that won’t add much to the resale value of your home, but can greatly impact how you feel about the home now. To make a quick difference, add new paint to the home. Giving everything from the baseboards to the ceiling a good fresh coat of paint can make a big different in the home’s feel. Other things you can do is clean the windows and screens. You can also have the carpet and floors cleaned to remove any stains or add a polished finish.
When you get into pricier repairs such as replacing flooring or appliances or even a whole-room remodel, start with what will have the most impact. Long-term, remodeling the kitchen and bathrooms will almost always have a big return. Next, determine what you can or can’t live with and what your budget will cover, and start with that. When you purchase a home with a conventional loan and you need to make repairs, have a plan in place and add anticipated completion dates for each action.
If a new home is in your future and you want to learn more about a conventional loan or any other loan, call us at Starboard Financial. Our experienced team is here for you. Fixer upper or brand new, we want to be with you on your exciting home ownership journey.