A Bungalow Could Be Your Rehab Dream



Posted: Sunday, October 25, 2009

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Have you ever noticed all the attention that the venerable bungalow receives. There are magazines devoted to them. Festivals about them. Communities even have bungalow walks every year where home owners will open up their homes for people to walk through and enjoy all the hard work they have done. A lot of people bought these before the housing crash and began work on them. Many of these were never finished and that has left many of them available on today's market.

If the thought of a halfway finished house seems a little scary, then you are probably being smart. You don't want to let it scare you away but it is good to go into one of these purchases with both eyes open. Some of them are unfinished to the point that they can't even be financed. These are usually the best deals to get too because they are so much lower than they would be otherwise. If you are like most people though, you will not be able to make such a large purchase for cash.

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.

It is a smart idea to price out homeowners insurance before buying the house. It could be so expensive that you change your mind about the whole thing. Or even worse no company will insure it for you. If you plan on doing immediate major repairs, such as replace the roof or rewiring the whole house make sure you add that into the equation when you are discussing options with your agent.

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.

You will probably get a wonderful discount on your homeowners insurance by bundling your insurance needs. You may be able to get health insurance quotes from the same company and save a load.

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