Myrtle Beach Real Estate Blog

Hire a professional or DIY: Which is right for you?

Should you DIY or hire a professional?New year... new projects bringing about the age old debate: to DIY or to hire a professional? As a homeowner, deciding whether to hire a professional or do something on a DIY basis is a fair question, and it is one that some homeowners have trouble answering. They may not be sure if they can handle the project, and they may also not be sure how much it will cost them for someone else to take over and get things done. For any homeowner who is unsure about the DIY vs hiring a professional issue, there are some specific issues to consider. By looking carefully at the most important aspects of a home improvement project, homeowners can make the right decision for their specific situation.

How Much Will This Project Cost?

The price of a particular home improvement project may affect whether a homeowner chooses the DIY route or decides instead to hire a professional. Either way there will be some cost to the project because there will be materials and time spent, but in general it will cost more to hire a professional contractor. However, that does not mean that a contractor should be avoided. In some cases it makes far more sense to hire a professional, so that the job can be done correctly and safely. When that is done, the homeowner has more peace of mind and may sleep better at night, despite the added cost. Homeowners with very...

Buying a Home: Financing Repairs, Rehab or Renovation

Rehab Loans & FinancingPicture this scenario: The house of your dreams is in livable, if not pristine condition, situated on acreage that also includes a second residence in need of refurbishing and repair. There is an additional outbuilding that is not suitable for habitation but is structurally sound.

The property is bank-owned, and situated in a part of town that would command two and a half to three times the asking price on the open market, based on comparable values. There are no existing appraisal comps because of the unusual conditions, but local realtors in the know assure you that the value is inherent, based on location and the viability of your planned repairs.

However, even with the required cash deposit readily available, acceptable credit, great motivation to buy, and stated intentions to improve the property, you cannot obtain a suitable loan commitment.

It can be a discouraging situation.

Know the Rules: Rehab Financing Can Be Difficult

There are limited mortgage loan programs available to help a potential buyer when dwelling rehabilitation is required, but they are difficult to locate and "quick action" is not a hallmark of such financing options.

Most lenders are wary of financing for (1.) distressed properties that include foreclosures or homes in need of repair; and (2.) properties with more than one dwelling, particularly if they are not in move-in condition. If your goal is to find property that will provide for...