Now is the time to be a first-time home buyer

Dear Claudia:

We're looking to buy our first house but we have very limited finances. We've been looking at fixer-uppers and would like to know how much to budget for repairs. We don't have much do-it-yourself experience and would like everything done properly.

Answer:

This is a good time to be a first-time home buyer because there are incentives offered by the government and also a loan program that gives a percentage of the home's value to be used for improvements. Consult with your mortgage lender for details.

Before buying a house, having a professional inspection will give you a detailed report describing any problems that will need to be addressed. Furthermore, you need a reliable professional who can give you estimates for the repairs and improvements that you can take to your lender to determine the best loan program for you.

Make sure to choose products that will last and increase the value of your home and complete the projects in a set time frame. The improvements you make will add to your home's decor to enjoy for many years.

Dear Claudia:

I am investing in an income property. The house has lots of potential but the previous owners lost it to foreclosure. It needs a lot of repair before I can rent it. How can I make the most of my budget to fix the house?

Answer:

In today's market there are a lot of homes that homeowners are leaving behind because of economic problems and they are forced to leave their homes with just a few days notice. Many homes get neglected and are left in poor condition.

Begin by using an inspector to determine how extensive the damage is. Depending on your budget there are many products I can recommend that will increase the value of your home as well. Natural products such as stone and wood are good choices. There are also different ways that the products can be used to save money. For example, it is more economical to install granite tiles on the counter tops instead of slabs.

Determine in advance what style you want to complete the look of the home. Look for quality products at discounted prices, however, be aware that they could be slightly damaged or limited in inventory. When selecting various products make sure they all coordinate well to complete your home décor.

Claudia Dabdoub is a resident of Ahwatukee Foothills and owner of D'amore Interior Design Studio. To ask a question for an upcoming column, reach her at (480) 751-9938 or www.damoreinteriordesignstudio.com.