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Remodel & Renovate in Oklahoma : Real Estate Advice

  • All113
  • Local Info6
  • Home Buying48
  • Home Selling33
  • Market Conditions1

Activity 12
Mon Aug 26, 2013
Michael Clutts answered:
There are many contractors that are willing to give you a free estimate on what an addition will cost. I recommend you get at least three estimates.
0 votes 6 answers Share Flag
Tue Apr 2, 2013
Wilhelm Koenig answered:
Solomon,

On a 203K loan, you must have licensed, bonded contractors do the work, since the loan approval on a 203K also includes approving the contractors. I hope this helps.

Take care,

Wilhelm Koenig
405.249.5993
... more
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Mon Jan 7, 2013
Leah Brown answered:
Discussing the options with a licensed contractor and/or structural engineer will help make sure you don't cause structural problems to either floor. And having someone who knows design (interior designer, home stager) can help you make sure it will have good flow with the rest of the property and look visually appealing. I am a certified home stager, let me know if I can help!

Leah Brown, Realtor
Prudential Alliance Realty
... more
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Sat Jun 9, 2012
Wilhelm Koenig answered:
I'm guessing you're wanting to see listings for home that need 203k financing over 60K. As a lender, I can help explain how 203K loans work, and what types of repairs they can and can't cover. I'm happy to help with this, but I'll also let you know I don't do many 203K loans, for many reasons. I've heard Wells Fargo specializes in 203K loans. If you're sure you want to go that route, I'd suggest calling WF. Good luck! ... more
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Fri Mar 23, 2012
Rose Wilkinson answered:
I am not sure, but I know the biggest real estate sign producer is Jack Pratt signs in Oklahoma City. You may call to ask and see if they did it.
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Thu Feb 17, 2011
Corey Buck Mann answered:
Make sure your Realtor knows the difference between Manufactured home and Mobile home. The right marketing can disspell a lot of the negative connotations that are associated with Mobile Homes. For the home itself, the area where I have seen the most benefit is at the foundation. If your manufactured home was not affixed to a slab, but rather set on piers; then fancy up the finish between the piers to give the appearance of the home being off-grade construction with a finished perimeter. This will help with the curb appeal, but should also be a benefit when securing insurance on the home.

Best of Luck.
... more
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Mon Oct 19, 2009
Don Tepper answered:
The other answers regarding the value of the upgrades--having to see and evaluate the property--really are correct.

The absolutely honest answer, though, is that many of those "upgrades" won't return anywhere near their investment. They may make it more pleasurable for you to live there. And they may result in a quicker sale when you do sell. But a lot of those won't return your investment. For example:

Two Drives: Are both necessary? I'm not aware of people paying any more for a second drive. And a second drive can eat up valuable lawn space.

Three Exterior French Doors: They look nice and may help your home sell faster. But unless they were replacing some really ugly, barely functional doors, it's not a great investment.

Large Office Area: If it's new space in the home, maybe. But if it's just finishing an unfinished basement, it'll add very little. And if you had to cannibalize a bedroom to create the office space: No.

Huge Windows With Skylights: Depends on where the windows are, and which direction they face. It adds almost nothing if they face north or west. And in today's energy-conscious environment, people worry about too many unnecessary windows.

Upgraded Kitchen: The kitchen is one of the two prime selling points in a house. The master bath is the other. If you're upgrading from a 1970s kitchen, it'll return a big chunk of value so long as you don't go overboard. But there are plenty of ways of upgrading a kitchen without spending a fortune.

Dining Room: Very little return. Most people already expect a decent dining room.

Master Bath: This is the other big selling area. But there are right and wrong ways to do it.

Again, really, you'd need someone to take a look. But from what little you've described, I'd expect a 30 cent to 50 cent return for every dollar you spend. Yes, it'll sell faster. But it won't be a terrific return on investment. Done right--done judiciously--you might be able to get back about 75 cents for every dollar you spend.

Hope that helps.
... more
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Mon Mar 9, 2009
Marcy Wilson answered:
Depending on the value of your home now and what the value will be once the addition is in place, you may qualify for a "construction loan". Typically, construction loans will lend up to 80% of the completed value on a personal residence. The market for these loans has tightened up in the past year or so, but, I would start by asking the bank where you have your bank accounts. If your bank doesn't work out, other lenders in our area that have done many construction loans are: Tulsa National Bank (ask for TC Blair), Grand Bank (ask for Debbie Wolfard) or Arvest Bank (ask for Ray buamgarten). Typically these types of loans are handled in a separate area as they are reviewed on a case by case basis. ... more
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Mon Mar 9, 2009
Eric Ward answered:
You might want to consider an FHA 203-K loan. A lot of lenders might run from these but Wells Fargo has streamlined them making them much easier. I work them for buyers that want a home that needs repairs or improvements.

Contact Teresa Eisenman with Santa Fe Mortgage, a division of Wells Fargo (not a mortgage broker) at 918-749-3800. She'll get you taken care of.

If you have any additional questions feel free to contact me 918-955-1287.

Good Luck!
... more
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Sun Feb 8, 2009
Tim Epps answered:
Lenissa,

Your financing options for your project depend on the amount of work to be done, the amount of equity that you have currently in your property, and other factors. You could get a home equity loan or line of credit , refinance your first mortgage, or look at a renovation loan.

I was looking at homes in Florence Park this weekend myself. Based on what I saw, an extra bedroom and full bathroom could easily provide a nice return on your investment. However, your best advice on value would be to consult with a Realtor, maybe even that specializes in the Florence Park area. They can perform a market analysis for you to see what the addition might be able to add to your value based on today's market.

Please let me know if I can give you guidance on what mortgage option would be best for your situation.

Tim Epps
Fairway Mortgage - Tulsa
918-528-4010
Tim@MyFairway.Net
tulsasmortgagelender.blogspot.com
... more
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Sun Feb 1, 2009
Jim Hemphill answered:
from 11th South to 41st Peoria East to Yale are still good. You can find a many homes that could need remodeling and not spent over 30K to rehab and still be able to sell and make some money. There are many bargains still out there for someone who wants to do the work and maybe set on them for a year if you have too.
If I can help please contact me at 636.6876
To your Sucess
Jim Hemphill
... more
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Sat Jan 31, 2009
Susie Genet answered:
Midtown in Tulsa continues to be a hot area w/ a lot of potential. In other parts of town, right now there seem to be a lot of buyers in the 100-150,000 price ranges in all areas in and around Tulsa. ... more
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