Coldwell Banker Realty
Coldwell Banker Realty
Jamie Dee Frontiero, Coldwell Banker RealtyPhone: (603) 205-4705
Email: [email protected]

3 Key Things to Consider When Buying a Fixer-Upper

by Jamie Dee Frontiero 05/08/2022

If you have a tight budget and love DIY, buying a fixer-upper might seem like a straightforward decision. Fixer-uppers are homes that need repairs and updates rather than being “move-in ready,” and can be affordable options in any kind of market. However, fixer-uppers require significant money, effort and careful planning. If you’re trying to determine whether a fixer-upper is right for you, here are the biggest things to think about:

Time Investment

Even the smallest home renovation can take weeks or months of time to complete. If you’re planning on renovating an entire house, expect to dedicate months of hard work to the task. Even if you hire professionals to do the hard work, you’ll be investing a lot of your time in the project. Hardcore DIY enthusiasts might be tempted to tackle all the work themselves but will need all the right skills, equipment, safety measures and more. Consider the time you’re willing to commit to before you get a fixer-upper.

Total Budget (Including Renovations & Repairs)

When building a budget for a fixer-upper, many small projects combine into one. This can make it really difficult to get an accurate idea of how much money you’ll need or want to spend. It’s also tricky to factor the cost of the home purchase into the equation, as well. If you stretch your budget too thin on buying the property, you’ll have less available for the repairs and upgrades.

Luckily, mortgage lenders and real estate professionals can help advise you on the best choice of funding for your situation. There are special types of loans meant for major home renovations that can help with your fixer-upper project and traditional mortgages.

Temporary Living Situation

Because fixer-uppers can take a long time to complete, it’s important to have a stable living situation in the meantime. If you’re selling your current home and planning to move into the fixer-upper when it’s done, this can make the timing awkward and also allow expenses to pile up. You and your fellow household members will need somewhere safe to live until the property is move-in ready. If you’ve sold your current home already, that means paying for temporary lodging.

A fixer-upper might be your dream scenario, but don’t forget to assess the reality of the situation. Before taking the plunge, consider these three key things to help you make the best decision.

About the Author
Author

Jamie Dee Frontiero

Since joining Coldwell Banker, Jamie has distinguished herself as a Top Producing Realtor along the MA North Shore & NH Seacoast. She has been the #1 Selling Agent in her office since 2014 and consistently ranks in the "Top 100" of all Coldwell Banker agents in New England.  Jamie's proven track record of high-annual sales coupled with a genuine respect for her clients sets her apart from other agents...she is known for her tenacity and energy, as well as her contract expertise. Jamie's extensive experience enables her to interpret a wide range of market conditions, price homes correctly and negotiate effectively for her clients, regardless of their property endeavors. 

Jamie knows that in today's competitive Real Estate markets, property presentation has become more important than ever. To ensure all her listings look stunning on line and in person, Jamie includes Professional Staging & Photography services, at no cost to her sellers.  Jamie is highly revered for the quality of her listings...they attract the strongest buyers, sell in the shortest time possible and, for the most money. Over the years Jamie has developed lasting relationships with a dedicated group of Attorneys and Loan Officers as well as ServiceVendors, ready to assist with: pre-listing updates, post-inspection repairs or after-sale improvements. 

If you're looking to make a change in residence & would like to experience a well-managed & successful real estate transaction, Jamie would be delighted to hear from you and honored to represent you!