As active military or as a Veteran, you have an extraordinary benefit with your VA loan. However, be cautious and plan carefully if your goal or your chosen property could be considered a “fixer-upper.” There are clear advantages and disadvantages when buying this type of home using your VA financing.
One thing we at So Cal VA Homes have learned in working with our military and Veteran community is that many military members and Veterans are “Do-it-Yourselfers.” You are skilled, independent minded individuals who, in many cases, would rather do the work yourselves than pay someone else to improve your property. We caution you to be realistic in your expectations and your budgeting.
Ask yourself, how much work needs to be done? Can you realistically budget the cost of materials? Is there anything in the scope of the projects that you can’t do (electrical, plumbing, etc.) that you need to hire out and therefore add to the budget? The bottom line is if the property can pass the VA appraisal inspection and still get financing, you need to be acutely aware and concerned with how much time and money you’ll have to devote to the property.