I really want to put my home on the market in the Spring...but it needs some sprucing up. Ideally, it should have the foundation repaired, but I am just going to deduct that from the asking price. I do have other things I really want to do like paint the interior and resurface the porch and deck. Sadly, since, my credit is not very good, I have not been able to get a loan to do this. I have tried public agencies, private lenders and even have a government loan application. Does anyone have any other ideas? I need maybe 5,000. I even thought of crowd funding.
Just thinking out loud. Wouldn't a home inspection sink your home sale if there is a structural fault? Or if a building or zoning official gets involved should permits be involved?
Over here, getting a housing loan for repairs is practically the same as taking a loan for a new house. On second thought, the requirements for a house repair is more because you have to submit an accurate architectural design, the original, of course, that is aside from the new design, if there is any change in the structural make. What's cumbersome is the bill of materials. You would seem to be on the construction process already when you apply for a loan intended for house repairs.
Painting the interior and just redoing some surfaces will not cost you an arm and a leg if you do it yourself. And most of that is pretty basic stuff. Another thing is... if you are planning on selling in the spring then you have months to get the financing... no idea on your personal finances but for an average person it shouldn't be that hard to put a couple hundred per month towards something like this. If you really need a loan... well the amount isn't that big so maybe you could ask some friends/relatives? But in that case be damn sure that you can pay them back even if you don't manage to sell the house.
Nope, people sell houses that have structural damage all the time. If I have to give the foundation repaired obviously I will. I did talk to a few realtors. I don't think they think it would be that much of an issue. It is simply on an as is condition or basis.
Hi kgord, Perhaps you can benefit from the sites that have the public pool together to give loans as investments - sites like Prosper or Lending Tree. You would likely have to work on a great presentation since your credit is not good. They are dead serious about verifying you and there is no hiding. If you are not familiar with it, it is basically a site where individual investors come in to offer varying amounts/parts of your loan request in exchange for interest on top of getting their principle back. It's going to come down to how likely they think it is that you will repay your loan through payments on time. Check them out because it might be a valid way to get a loan for someone in your situation. Good luck!
^^ peer to peer lending sites are a possibility. However the interest rates are pretty damn high, especially to people with poor credit. And even more so with big loans (thousands) such as this one. It's kind of a last resort in my opinion.
I feel that loans to make house repairs are great ideas because this value the house a lot, whether this is for our own benefit or as an investment. If we have the possibility we should do it.
I agree with the enhancement of the house brings a higher value to your property. But it is not easy to make house repairs and much more taking a loan for it. My father-in-law had wanted their ancestral home to have a higher market value so he applied for a loan from the bank. But when he got fed up with the tons of requirements, he just sold his house even at a lower price. He said he didn't want to get stressed with the loan.
I would suggest doing a little bit of the repairs each month yourself and you should be able to have most of it done by the Spring. Budget each month for the supplies you will need and maybe to do it without needing a loan.
