Your Local Michigan Mortgage Specialists

The old adage in real estate is that you make your money when you buy your home, not when you sell it.

Turning an Ugly Duckling into a Golden Goose

Bidding wars: sellers love ’em, buyers hate ’em. How do you avoid them? Sometimes competing with multiple offers to win your bid on a “picture perfect” property is not the best money move. The truth is, the smarter money may lie with the ‘Ugly Duckling’ house that has good bones but won’t turn heads on Instagram – yet.

The Twin Demons of Inflation & Taxes

Michigan property taxes are based on roughly half of the assessed market value of a home. When you pay top dollar for a property, you’re also going to pay top dollar in taxes. That rising property tax also becomes part of your debt ratio. Pair this phenomenon with rising interest rates and before long you’re putting a dent into your potential Return-On-Investment. Maybe it’s a good time to take a deep breath and discuss different strategies with your lender and realtor.

A Savvy Strategy to Save

The old adage in real estate is that you make your money when you buy your home, not when you sell it. If you’re focused on growing your personal wealth through your real estate investment, a good strategy is to take emotion out of the equation, setting aside your idea of a dream home and instead looking for a diamond in the rough. Talk to your lender to develop your financing plan. For example, you may want to make a low, 5% down payment to reserve cash for improvements. You can then later have the home value reassessed to remove private mortgage insurance without having to refinance.

Good Bones Can Make Great Homes

Before you start to hunt the ugly duckling, draw up a list of your bare-bones ‘must haves’ and locations. Get a good home inspector and maybe even a contractor on speed dial. You’ll want to be able to act fast.

Now you’re ready to start your search with your realtor. Key signs a listing might not receive as much love as the “picture perfect” properties are poor photos, unfortunate paint colors, dated cabinetry, and a lack of staging. Beneath this lack-luster appearance there may be a wonderfully maintained structure with great mechanicals, just waiting for your loving touch to transform into a golden goose. With a little forethought and strategy, you can win the long game, and have a dream home that brings you joy while building your wealth.

Get Started

The Jonathan Arnold Team at Guild Mortgage Grand Rapids can help you PREPARE to win!

More Resources

What is a S.M.A.R.T. Mortgage Consultation?

At Inlanta Grand Rapids, we think “outside the bank” with our S.M.A.R.T. Mortgage Consultation. S.M.A.R.T. stands for consultations that are: Strategic, Mindful, Authentic, Results-oriented, and Timely. It takes more than great rates to make a great mortgage. It takes ...
Read More

Home Renovation Loans: Homestyle & FHA 203K Guide

Know Which Home Renovation Loan Suits Your Plans By: Guild Mortgage Inlanta Grand Rapids Team The spring real estate market is ramping up in West Michigan, and for some, there’s no better time to consider a major home improvement project. In a hot market, there are many reas...
Read More

Get the Guide: 5 Secrets to Winning in a Tight Real Estate Market

Jonathan Arnold, Branch Manager of Grand Rapids mortgage lender, Inlanta, has written the definitive guide to help prospective homeowners find their dream homes and win their bids in the most competitive real estate market in West Michigan history. “It’s unbelievabl...
Read More
Couple in lakefront home representing Jumbo mortgages in Michigan by Inlanta Grand Rapids

Jumbo Mortgage Options

At Guild Mortgage, we’re honored to serve every segment of the Michigan mortgage market, from first-time buyers to affluent home owners or business professionals relocating to Grand Rapids who would like to trade up to their dream home on Reeds Lake or to purchase a luxury w...
Read More
Couple on beach signifying mortgage refinance loans for vacation living in Michigan or vacation properties in Michigan

Vacation Home Mortgage Options

Guild Mortgage Inlanta loves helping Michiganders escape to vacation homes with highly competitive second home mortgages. Michigan homeowners are lucky to live in such a gorgeous state with a plethora of vacation home and cottage options available in beautiful settings. Hot proper...
Read More

Investor Mortgage Options

Guild Mortgage Inlanta works with many Investor clients to assist them in financing their portfolios of properties throughout Grand Rapids, West Michigan, Lansing, Detroit and other Michigan cities. Whether you’re a first-time investment property owner seeking to renovate, o...
Read More
Quick Start