Don’t get me wrong, I like to watch Chip and Joanna too, but turning the worst house in the neighborhood into your dream home isn’t always the easiest way to get your dream house. One of the biggest challenges is financing the project.
Among other things, consider:
- You may need to qualify for a second or short term loan until you can move into your new house.
- You need to live somewhere while your new house is being remodeled
- You might have to maintain two house payments or continue paying rent while your new house is being remodeled.
If you’re thinking about going all HGTV on a house, ask your realtor to help put the pieces of the puzzle together. Going at it on your own might get you living in a disaster.