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Before You Buy
Choosing the Best Mortgage for You
The Truth About Fixer Uppers
Your Credit History
Home Inspections
Applying for Your Mortgage
Tax Benefits
Deciding How and When to Move
Finding a Good Neighborhood
To Refinance or Not to Refinance
Mortgage Rate Reasoning
Employee Benefit Program
Mortgage Terms to Know

The Truth about Fixer-Uppers

With all of the new shows out there about transforming your home into a fantasy land or just making it hip and modern, people are fascinated by the idea that they can put so much personal expression and creativity into their home. This is especially exciting for new homeowners who are anxious to settle into their first home and start a family.

Renovation and repair may look appealing on the television show Trading Spaces, but in reality it may be lot more than you bargain for, literally. You may think that the house is a steal because it is so inexpensive, in such a good area, and so cute…only if. Be careful with the “if.” You are not going to have a pad and paper with you while you are leisurely strolling through a parade of homes or street of open houses. Even if you do jot down some notes while looking for homes, you will most likely not keep track of all the little flaws you see and how much they would cost to fix or better.

Along with this warning about fixer-uppers, remember that foreclosures are dangerous for the same reason. You think they are cheap, you think you can fix them up, but have you thought that there are reasons why the last owner did not stay? Have you considered the monetary and legal risks that you may be taking? Usually if you are planning on buying a foreclosure home, you want to have an expert go to the property with you and investigate all of the details before you decide on buying the home.

I am sure at least once in your lifetime you have heard the expression something is “too good to be true.” People say this when talking about significant others, spouses, dream jobs, vacation packages, prizes and rewards, and all kinds of prices and deals found in the consumer world. Don’t forget it when you are buying a home! Pay attention to all of the little nooks and crannies in the home, what needs to be re-carpeted, resealed or rebuilt, what weather conditions occur and the condition in which the wood or tile presently exists.

Choose a great neighborhood! If you are living in an ugly area, where you do not like the company you keep, you will most likely not be content. Take a look around the block, find what malls and restaurants and schools are around, maybe meet a neighbor and see what he or she has to say.

After taking all of these considerations, if you still want to buy a fixer-upper, great! But remember that it is good to do it when the market is down. This way, you will pay the least amount and you’ll be able to put more towards the maintenance costs. Make an estimate of how much all of the touch-ups will cost so you are not shocked later on. Find a home inspector or two or three to take a look and give you a professional estimate. Inform your lender about your plans and the costs that will go into fixing up the home.

With Chase Manhattan Mortgage, they will accommodate your unique expense issues and stay involved with you throughout your home buying and home owning process. Also become familiar with the contractor who will be doing the work on the house, and know his or her reputation and history. This way, you will not be taking any exceptional risks, and you will be confident as you close on your new home and prepare to make it perfect.

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