Buying an Affordable Property with Renovation in Mind

Via: Fannie Mae Homepath

Liz Atkinson, 20, and husband Ande, 21, of Iowa City, Iowa, had rented for years but medical complications with their first child, Gabryel, now 14 months, spurred their need to purchase a home of their own that they could completely renovate to be germ free.

“With my son’s lung condition, we have to live in an environment that’s germ-free with no carpets or popcorn ceilings. Those aren’t the kind of renovations you can do when you’re a renter.”

Their real estate agent told them about Fannie Mae’s HomePath® Ready Buyer™, a homebuyer education program with monetary incentives for first-time buyers who purchase a HomePath property. The program offers qualified buyers up to 3 percent closing costs for completing nine, 30-minute sessions online. “Ready Buyer was a perfect fit,” explains HomePath listing agent Tim Zear with Elliott Realty Group in Washington, Iowa.

With the course completed, the two started to look at area homes. Two properties came on the market in their price range that, after a brief bidding war, were sold to other buyers. Then one of those homes came back on the market, and at a lower price. “We did bid against other buyers again for the house, but this time we won,” Liz notes.

Their new three-bedroom house sits on a quarter-of-an-acre lot, with a fenced yard with three lilac trees. “We saw a lot of potential in this house, and it has absolutely everything we could want,” she says. The Atkinsons hope to wrap up renovations quickly and move into the house by August 1. “We’re really happy with the way this has turned out,” says Liz.

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