Please don’t avoid Boston condo for sale fixer-uppers

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Please don’t avoid Boston condos for sale fixer-uppers. If you’re trying to buy a Boston Beacon Hill condo and are having a hard time finding one you can afford, it may be time to consider a fixer-upper. That’s a house that needs a little elbow grease or some updates, but has good bones. Fixer-uppers can be a really great option if you’re looking to break into the housing market or want to stretch your budget further. According to NerdWallet:

“Buying a fixer-upper can provide a path to homeownership for first-time home buyers or a way for repeat buyers to afford a larger home or a better neighborhood. With the relatively low inventory of homes for sale these days, a move-in ready home can be hard to find, especially if you’re on a budget.”

Basically, since the number of Boston Beacon Hill condos for sale is still so low, if you’re only willing to tour homes that have all your dream features, you may be cutting down your options too much and making it harder on yourself than necessary. It may be time to cast a wider net.

Sometimes the perfect home is the one you perfect after buying it.

Here’s some information that can help you pinpoint what you truly need so you can be strategic in your Beacon Hill condo search. First, make a list of all the features you want in a home. From there, work to break those features into categories like this:

Must-Haves – If a house doesn’t have these features, it won’t work for you and your lifestyle.
Nice-To-Haves – These are features you’d love to have but can live without. Nice-to-haves aren’t deal breakers, but if you find a home that hits all the must-haves and some of these, it’s a contender.
Dream State – This is where you can really think big. Again, these aren’t features you’ll need, but if you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, it’s a clear winner.

Once you’ve sorted your list in a way that works for you, share it with your Boston real estate agent. They’ll help you find homes that deliver on your top needs right now and have the potential to be your dream home with a little bit of sweat equity. Lean on their expertise as you think through what’s possible, what features are easy to change or add, and how to make it happen. According to Progressive:

“Many real estate agents specialize in finding fixer-uppers and have a network of inspectors, contractors, electricians, and the like.”

Your agent can also offer advice on which upgrades and renovations will set you up to get the greatest return on your investment if you ever decide to sell down the line.

Boston Beacon Hill Condos for Sale and the Bottom Line

If you haven’t found a home you love that’s in your budget, it may be worth thinking through all your options, including fixer-uppers. Sometimes the perfect home for you is the one you perfect after buying it. To see what’s available in our area, let’s connect.

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Please don’t avoid Boston condos for sale “fixer-uppers”

A fixer-upper is a viable option for aspiring real estate investors because it has a lower purchase price. With this, you can allocate funds into renovating the property to improve its curb appeal and market value. You have to be extra conscientious when looking at potential homes or buildings, though, so that you don’t end up paying more for renovations.

Please don’t avoid Boston condos for sale “fixer-uppers”. If you are a new Boston North End condo buyer just starting your home search or someone who has been looking for that perfect home but you haven’t been able to find something that checks all the boxes on your wish list, you shouldn’t avoid Boston condo fixer-uppers.

Everyone has seen a show or two on TV where they make it look so easy for someone to purchase Boston real estate in need of repairs and renovations and then build those repair costs into their budget to create their dream home. Is the process really that simple? The answer is…sort of.

Financing Options

When it comes to purchasing and renovating a Boston condo for sale, there are a few financing options available to accomplish this goal. The most popular of these products are referred to as an FHA 203K loan or a Fannie Mae Homestyle renovation loan. With either of these renovation specific home loans, a potential North End condo home buyer is able to combine the purchase price of the home and the improvement cost into one loan.

Difference between a Renovation Loan & Home Loan

The biggest difference between a renovation loan and a standard home loan is identifying the proposed renovations and accurately calculating the costs to do so. For this, a good general contractor is needed. Their job is to take a look at the Boston condo as early in the process as possible so that they can provide a detailed estimate for the renovations you want to make to the property. This is what we use to determine the overall loan amount for your new purchase.

Bottom Line

The bottom line is- As a future home buyer, remember that you have options, especially if you’ve found a house that’s not picture perfect, but the location is exactly what you had in mind.