Did you know there are particular mortgage loans, like the FHA 203k Home Improvement loan, explicitly designed to help your clients afford home improvements while building equity? Understanding how these loans work will allow you to offer an important solution for clients who might be struggling to find the perfect home. Continue reading
As you know, getting every client into the perfect home isn’t easy. Sometimes, it’s downright impossible without a little compromise. If they aren’t willing to compromise on location, budget, or home size, a home renovation loan could be a good fit.
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Whenever our team works with a client, maybe one of the most frequently asked questions is, “How much will this house cost me every month?” It’s an understandable and necessary question. Continue reading
According to the 2020 State of Home Spending report, these were the top three most common home improvement projects participants had completed. It’s not surprising that painting was at the top of the list, as it is one of the most cost-effective and impactful home improvement or renovation projects. Continue reading
- Think creatively: don’t worry about what a listing ‘should’ look like
- Identify the key advantage of renovating this house, then turn it into an attention-grabbing headline
- Write an opening statement that gets to the point – a sentence or two should do it
- Sell emotion with your copy – describe the ‘home’, not just the ‘house’
- Accentuate the positives and focus on the potential
- Create urgency with a closing call-to-action
How are renovation listings different?
Listings for homes with perfect foundations, new roofs, gorgeous gardens and all the modern amenities practically write themselves. So, how do you spin sweet poetry about a property that needs some TLC?
The first step is to ditch any preconceived notion you may have about what a property listing should look like. Lately, it seems like most listings are just a quick paragraph listing the property’s features. Yet, if your property is ripe for a renovation mortgage, describing features like, “Roof needs replaced, windows are drafty, paint chipped throughout, and hole in the bathroom floor,” won’t whet anybody’s appetite.
With an attention-grabbing headline and the right descriptive copy, your listing will attract the right audience and will clearly communicate why this property is worth the time and investment to renovate.
In other cases, however, things go south quickly and the outcomes are catastrophic. Take for example this 70-year-old rental property in northeast Ohio. The owner of the property had been living in Florida at the time, and came back to check on the home. What he found was completely unanticipated and left him in shock:
Using the FHA 203k Home Renovation Loan, this buyer in North Benton, Ohio was able to completely renovate the home’s basement, bathrooms, kitchen, garage, AND add in a new deck. They purchased the house for $115,000 and had a budget of $85,000 in renovations. The home recently appraised at $232,500 – giving the buyers $32,500 in equity!
*Not intended as real estate, accounting or investment advice. Contact your financial representative for more information.