Myrtle Beach Real Estate Blog

Understanding 203k Home Loans

All About 203k Renovation Home LoansFinding that perfect home can be a challenge. The ideal location, features and condition often don't seem to exist within the same house. Many people dream of finding an affordable home that needs some work. This means the homeowner can renovate the home to give it more of their own personality while including features they desire.

Fixer-Upper Hang-Ups

Often called fixer-uppers, homes that need extensive work in order to be deemed livable can pose special challenges for those who want to purchase them.

  • One such challenge is often the sheer amount of money that is projected to renovate the property. Coupled with the purchase price, this estimate could make the cost of owning what might otherwise be the perfect home prohibitive.
  • Lenders, too, can present roadblocks that stand in the way of a potential home buyer purchasing a particular house. Lenders are often reluctant to sign off on a loan for a home that might not be suitable for anyone to live in.

FHA 203k Loans Can Provide Options

Like many other loan vehicles, a 203k loan has a specific purpose and is targeted for a particular segment of the home-buying population. Backed by the Federal Housing Administration (FHA), a 203k loan is designed to assist borrowers in purchasing a home that needs extensive repairs in order to become inhabitable...

Best Energy Efficient Improvements For Your Home

How to Pick Energy Saving Upgrades For Your HomeImproving the value of one’s home is often toward the top of people’s priority lists, and there are a lot of ways this can be accomplished. Many choose to remodel or landscape, but another often overlooked solution is to utilize energy efficient improvements not only to increase property value but to reduce overall monthly overhead. Another side benefit? Making these changes can have a positive impact on the planet as well.

DIY Upgrades

While some home projects require a professional, there are a few easy energy efficient changes one can make around the home that can yield some nice savings. One of the more common recommendations that nearly everyone can do is to change out light bulbs for models that use less power. Whether the choice is to go with an LED, CFL, or halogen incandescent, many households can save close to $100 per year on their energy bill just by making a simple change.

Homeowners who are a little more project savvy might enjoy utilizing insulation to their advantage, and either replacing old material or putting it in for the first time in a home’s attic can make a big difference. This simple improvement will help to regulate a home’s temperature, and can sometimes save homeowners about $600 per year!

Larger And More Impactful Changes

For those who have construction...