Is there an older home in your future?

Here’s a scenario. A young man or woman want to own a home of their own. They are not endowed with many resources (translates: not much cash). They have chosen their separate goals and have come to terms that at this present time or in the near future they would like to purchase an older place and transform it into a “dream” home.

Each of these people has a job. They just want their own place to live. One of the classier homes available won’t work — not enough dollars. How can they get going toward their dream?

Every community has a few homes that are still serviceable and can be repaired and touched up for another life. These older homes can be a gateway to that finer home. Currently, HUD homes for sale in the Spokane area number 78. There are also other homes for sale that can be fixed up.

There are usually a number of homes on the market that were well constructed and after any number of years of service are still serviceable. It may take a bit of looking. Because it takes time to cull out the prospects until the right home comes on the market, probably the best option is to talk to a REALTOR®. They will check what they have available to sell. If none of them fit your concept, they will eventually appear.

This happened to me. I was looking for land I could afford to pasture a few horses. The criteria were a low price, a stream with a few trout in it, a crop of hay for the horses along with trading part of the crop for a share of it.

The REALTOR® had been on this planet a long time and said. “I’ll find it for you.” Three months later he called. He had found 80 acres that filled every search item. It was a beautiful place with mature trees. The person living up the one-way road had a child in school which meant the county would plow the snow from the roads in the winter, etc. Lots of good stuff here.

The point is — there are places that will fit your wishes, and sometime much more. These things just don’t happen. They are usually part of a plan for the future — one that can be handled one step at a time.

Options for our two homeowners-to-be are to find an older home that needs some work done and fix it up by themselves, find a way to work out a partnership to spread the cost, or take advantage of an FHA 203K plan. The latter is a terrific route that covers the cost of the home plus the repairs that may be needed — all in the same loan so you know the repairs will be made. The plan has been around for years and many a Spokanite has benefited.

There’s also the idea of “sweat equity,” the American way of putting effort into home repair and profit from the updating of the structure; this works, too. Some folks choose to band together, pool their cash, and make things happen. This usually takes longer to achieve by selling the updated home for a profit and then buying another and fixing it up and make it saleable, etc.

The best route to follow is strictly up to the individual. You know yourself better than anyone else knows you.

If you happen to be at the “home wanting” part of your life, there will be a home out there for you. You must identify the information needed to make a choice that best fits your plans.

Arlene Patton, Eastern Washington’s HUD manager said, “The 203K option allows major upgrading done by contractors and can be generally a much faster way to give an older home new life. There are a lot of homes out there that are well-built that can be up-dated with the 203K loan.”