Orange County, CA – It’s been said that one man’s trash is another man’s treasure. Put differently, Robert Kennedy stated “There are those that look at things the way they are, and ask why… I dream of things that never were, and ask why not?” These statements accurately reflect a perspective of home renovation.
Many people walk into a home and see what’s there. If it’s not “move-in ready” then they aren’t interested. Personally, I fall into this category. I can’t see the possibilities, only the facade. While others see the bones. These people have vision. The visionaries don’t see what it is. Rather, they see what it can be.
It’s the visionaries who can prosper. Turn on HGTV and every home makeover or flip show has at least one visionary. These are the idea folks. They can see the lump of coal for the diamond it will one day be. If you are one of these visionaries, then you know there is opportunity in ugly.
The home may have been vandalized, partially destroyed or a holdover from the 70’s complete with shag carpet and wood paneled walls. That’s okay for you. You see these not as work. You see these as a hidden goldmine. Why? Because 9.5 out of 10 people are not interested in a project like this. They will pass by this home in search of one that’s “move-in ready”. With a lack of offers, the seller is not in a good position to negotiate. That’s when you can swoop in and pick up the property at a discount.
You’ve done your homework. You know that PrimeLending offers 18 different renovation and escrow holdback programs. That’s nearly 3 times the number of home renovation programs offered by any other lender…giving you the most options and the most flexibility. Furthermore, you know that you can finance anywhere from $5,000 – $250,000 in repair and renovation expenses into your loan. As a result, his means you can paint the walls, remove the gold wallpaper, add a pool, add a bedroom, replace the shag carpet, update the kitchen and bathrooms, and much more. Anything from simple to substantial to turn it from shabby to chic.
Home renovation loans are the solution for distressed properties or distressed features. “Cash” or “as-is” sales are the calling cards for these distressed listings. Real estate brokers would not otherwise limit the buyer pool. It makes the property less marketable. Hence, visionaries should keep a sharp eye out for these properties. They will find the renovation opportunities that they seek.