Looking Into A Bungalow For Purchase

If there was ever a small house that got a ton of notice it has to be a bungalow

. People love these things and they are devoted to them too. You can subscribe to magazines that are devoted to them. You can go on tours of them in some cities. There are even festivals that are put together just to celebrate them. During the housing boom a few years ago many of these were purchased and subsequently many never got finished. There are many half rehabbed bungalows that are languishing on the market.

If you have cash you could consider one of these partially completed rehabs. They can be very hard to sell because they are not fit to be bank financed sometimes. There really aren't that many people that are able to come up with that much money. You will want to be careful too with one of these. Sometimes they are a good deal and the repairs are nicely done. Other times it will all have to be done over and that could be messy.

You will have a tough time getting financed for an older home but it is not impossible to do. Go to a few of those online sites that will give you a quick mortgage and equity line quote and see what they say. You might even find some federal money that can be used to help with the fixing part.

When you purchase a house with issues, such as advanced age, you will want to look around for special homeowners insurance. It is just a good idea to know what you will have to pay before you commit to a special needs house. There are always ways to try and lower the insurance costs. Your agent can help with this, but they may be things that you were planning on updating anyway, like plumbing and electric.

If you get financing and find the insurance your next step should be to look at what other people have done to their homes in terms of the work. You will find plenty of people that will offer all sorts of advice. You will probably find a few different online forums from people that have done work themselves. There are some issues that are typical to cottages and bungalows and it is helpful to talk to people that have dealt with it before.

by: Jackie Smith

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