Great Resources for Fixer Uppers!

Communities Offer Grants & Loans to Fix Up Homes!

There are some TREMENDOUS opportunities in the current market. Not only are there foreclosures (which still are only a very small percentage of available homes -don't believe all the media hype!) but a number of other homes priced very low. A couple of years ago it seemed impossible to find anything under $200,000 and if you did it sold quickly in competitive offers or was beyond saving (needed too many repairs).

Now I am seeing single family homes around $150,000 - and below- that with some minor repairs and hard work can be made into gems. You have to look for GOOD BONES when looking at these kind of properties.

What are GOOD BONES?

1. Solid Mechanicals
Are the furnace, plumbing, electrical in decent shape? Look for copper pipes and make sure check to see if the electrical has been updated to 100 Amp circuits rather than 60 Amp fuses.

2. Demand Features
Is there hardwood under the carpet? Are there other features - built in buffet, breakfast nook, fireplace, that add intrinsic charm and value?

3. How's the Roof?
Replacing a roof can be expensive. The good news is that most will last 20 years. Looking at the roof you can usually tell if it looks old (but always hire an inspector) and you can check the City's records to see when the last permit was pulled to do the roof to determine the age.

4. What about Water Troubles?
If you detect a lot of water in the basement, which can often be addressed through landscaping, it can sometimes mean foundation or mold issues. Give it the "sniff test" and proceed with caution if things seem musty. Like my Inspector friend has told me several times: "If it's wet, there's mold. It's all just a matter of how much."


5. Truth in Housing Report
In Minneapolis, and other cities, a Truth in Housing Report is REQUIRED for all properties sold. Often times with estates and foreclosures the Seller requires the Buyer to assume these. Always check the cities' website -CLICK HERE FOR MINNEAPOLIS- for access to the Truth in Housing Report.


WHERE TO FIND HELP

Here is an excellent resource guide published by the city that lists all of the available loans for fixing up your home as well as programs to help pay the costs of city required repairs.

You can download it here: Housing Programs Resource Guide

Here are some other excellent resources for Buyers:

Association of Community Organizations for Reform Now Housing (ACORN)
-First time buyer classes, help with lending.

Community Action Partnership of Suburban Hennepin
-Programs include mortgage foreclosure prevention and rehab advice.

Minnesota Housing Finance Agency
-Housing assistance programs for low and moderate income residents including down payment assistance.

Community Neighborhood Housing Services
-A resource for St. Paul

Please contact me with any questions and Happy Hunting!