Regarding Real Estate LLC
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:
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.
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.
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.
Johnna grew up in Amherst NH and still has strong ties to the Amherst & Mont Vernon Communities. Johnna moved to Manchester at 19 when she purchased her 1st home. She has resided in the West Side of Manchester since 2007. Always having a strong interest in real estate, Johnna and her husband, Jeff, started investing in rental properties in 2017 with the purchase of a 2 bedroom condo in Manchester. They now own 10 properties with the goal of growing to 60 total rental properties. In 2020 Johnna and Jeff started adding short term rentals to their portfolio focusing in the NH Lakes Region and Southern Maine Coast. Johnna achieved Airbnb Super Host and VRBO Premier Host status within the first year.
From May to October Johnna divides her time between Manchester, NH and her beach cottage in Wells Maine. Johnna’s extensive experience with both long term and short-term rental properties makes her the ideal real estate agent to help you start or build your real estate investment portfolio. Johnna works with a lot of home owners selling their homes and buying homes simultaneously and also sellers relocating out of the area.
Johnna prides herself in being hard working, dependable and down to earth. In her free time, she enjoys reading, jigsaw puzzles and spending time outdoors with her husband, dogs and friends.
