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78 Edgelawn North Andover
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North Reading Market Stats for Feb 23
Buying a fixer-upper? A look at the pros and cons
Buying a fixer-upper? A look at the pros and cons
A house that needs TLC can be a great investment. That is, if you’re up to putting in the sweat equity.
Pro: Great deals!
Buying a house that needs work can help you save big on your house payment. An as-is property can be had for a lower price point than a newer property that’s move-in ready.
Con: Endless construction
DIY home rehab is a lifestyle – are you willing to go all in? Your house will be a work in progress for months, possibly years. Parts of your house will be unusable for periods of time, and the pressure to get it done can be a source of stress.
Pro: You may qualify!
Check your area for homeowner programs. Some cities, towns and counties offer low-interest loans and grants that make home repairs more affordable. The federal government also has renovation mortgage programs for certain borrowers.
Con: Unexpected problems
Get ready – some projects are cursed. For example, you rip out the fiberglass shower, only to uncover serious problems with the plumbing and mold. Before your start each project, you’ll want to think ahead to plan B if things don’t go to plan.
Pro: The satisfaction of doing it yourself!
When it’s all done, nothing beats the satisfaction of transforming a house from dreary to dazzling. You’ll pick up new skills along the way, and it will be customized to your preferences and hobbies. And if you’re fortunate, you’ll achieve a nice uptick in home value when you’re ready to sell.
4 Steps in getting your financials in order before you buy
4 Steps in getting your financials in order before you buy
Buying a house takes more than a down payment: You need financial readiness. Stick to the plan, and you’ll start making real progress toward your goal.
1. Know how much home you can afford
Ideally, your housing payment is no more than 30% of your take-home pay. Look for an online “How much house can you afford” calculator, enter your ideal payment and work from there. Then play around with it. What happens if you add $50, $100 or $200 to the monthly payment?
2. Create a homeowner budget
To help you plan and adapt, work out a monthly budget that factors in your expected mortgage payment. Don’t forget to include property taxes, homeowner’s insurance, utilities and a cash fund for various household supplies and expenses.
3. Know the score
Use the free credit score feature on your online bank account to see where you need improvement, then keep track of monthly progress. Focus on good credit hygiene like on-time payments, paying down debt and refraining from opening (or closing) credit accounts. A higher credit score indicates to lenders you’re a good credit risk, which increases your eligibility for a competitive interest rate. For a mortgage, even a quarter of a percentage can translate into tens of thousands of dollars.
4. Save for a down payment
Start squirreling away extra cash each month to build your down payment. If you find yourself short of funds, examining your spending habits, shopping for deals and looking for opportunities to boost your income will accelerate your progress.
North Reading Market Stats
Home Market Stats for North Reading Single Family Homes
Single Family Listings: 41
Avg. Liv. Area SqFt: 2805.49
Avg. List $: $943,717
Avg. List $/SqFt: $350
Avg. DOM: 21.1
Avg. DTO: 12
Avg. Sale $: $959,856
Avg. Sale $/SqFt: $359
Questions about today’s market. www.youneighborhoodnews.info
