Buying a home in South Tampa’s 33629 ZIP code can be exciting, especially when you find a property in the right location but know it needs some updating. Maybe the kitchen is dated, the bathrooms need a refresh, or the home needs a larger project to truly fit your lifestyle.
One question Emeri and Joe Lewkowicz hear often is: “Should I buy the house first and figure out the renovation financing afterward?”
With more than 40 years of combined real estate experience, Emeri and Joe know that the answer depends heavily on your finances, the scope of the renovation, and the property itself. In a competitive market like 33629, understanding your options before you close can make a significant difference.
Start Planning the Renovation Before You Close
The biggest mistake buyers can make is treating the renovation as an afterthought.
Emeri and Joe recommend getting a realistic idea of renovation costs before making an offer whenever possible. A $50,000 cosmetic update is very different financially from a $200,000 whole-house renovation.
This is particularly important in South Tampa, where buyers may purchase older homes because they love the lot, location, neighborhood, or architectural character but want to modernize the interior.
Before closing, consider getting contractor estimates, architectural plans when necessary, and an understanding of permitting requirements. Most importantly, discuss the project with your lender.
What If You Want to Finance the Renovation?
If you purchase the home with a traditional mortgage and renovate later, you may have several financing possibilities, depending on your qualifications and the amount of equity you have.
A HELOC or home equity loan may become an option after closing, although lenders will evaluate your income, credit, existing mortgage, equity, and other financial factors.
Another possibility is a renovation mortgage that combines the purchase and renovation financing into one loan. For example, Fannie Mae's HomeStyle Renovation program can allow eligible borrowers to finance renovations as part of a conventional mortgage. The loan amount is tied to factors including the purchase price, renovation costs, and the home's anticipated “as-completed” appraised value.
Freddie Mac also offers CHOICERenovation, which is designed to finance eligible renovations through a mortgage and can be used for a home being purchased or an existing property.
The important takeaway? Don't assume your only choice is paying for everything out of pocket after closing.
Understand the “After-Renovation” Value
This is where Emeri and Joe's local market knowledge becomes especially valuable.
When you're considering a major renovation in 33629, the question shouldn't simply be, “How much will this renovation cost?”
It should also be:
“What will this home realistically be worth when the renovation is complete?”
A lender may require an appraisal that considers the property's expected value after improvements. Fannie Mae's HomeStyle Renovation guidelines, for example, specifically incorporate an “as-completed” appraised value into the financing calculation.
That makes local comparable sales incredibly important. You don't want to spend $250,000 renovating a home if the surrounding market won't support the resulting value.
Don't Forget Your Cash Reserves
Even when renovation financing is available, Emeri and Joe strongly encourage buyers to maintain a healthy cash reserve.
Renovations rarely go perfectly. Older South Tampa homes can reveal surprises once walls are opened or systems are inspected. Plumbing, electrical, roofing, HVAC, structural issues, or other improvements can add unexpected costs.
Your renovation budget should leave room for contingencies rather than using every available dollar on the initial plan.
The Lewkowicz Group's Advice
For buyers considering a home in South Tampa ZIP Code 33629, Emeri and Joe Lewkowicz believe the smartest approach is to look at the purchase and renovation as one complete financial decision.
The right property isn't necessarily the one that looks perfect on day one. It may be the home with the right location, lot, layout, and long-term potential—and a renovation plan that makes financial sense.
With more than four decades of combined experience helping buyers, sellers, and investors navigate Tampa real estate, Emeri and Joe can help you evaluate not just what a home costs today, but what it could become tomorrow.
Renovation financing programs, eligibility, rates, loan limits, appraisal requirements, and lender guidelines can change. Buyers should consult a qualified mortgage professional and appropriate contractors before making financing or renovation decisions.
