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10 SAY YOU SAW IT IN SUBURBAN July 20, 2021 – August 23, 2021 By Jeff Ostrowski BANKRATE.COM In normal housing markets, Americans want move-in ready homes. But the post-pandemic housing market is far from normal, and soaring prices have home shoppers changing their expectations. According to a TD Bank survey of Americans aiming to buy their first home in 2021, fully 71 percent aren’t looking for a dream home. Instead, they’re shopping for a starter home or fixer-upper. For buyers frustrated by the lack of inventory and rocketing prices, older homes can be a good compromise. Of course, buying a fixer-upper means you’re taking on a project, one fraught with uncertainty. Scott Lindner, national sales director at TD Bank Mortgage, says buyers need to prepare themselves for the special challenges that accompany home renovations, such as dealing with contractors and making endless runs to Home Depot. He spoke with Bankrate about the fixer-upper trend. Q: What’s driving the interest in fixer-uppers? A: We’re seeing prices rise. The National Association of Realtors says prices rose 23.6 percent from May 2020 to May 2021. This low inventory has been out there as an issue since the financial crisis of 2008. We haven’t really been adding a lot of inventory. Q: What types of loans are available for renovations? A: Many lenders have an FHA 203(k) loan which allows people to buy a fixer-upper. If it’s a smaller amount, you can do the old tried-and-true credit card balance — but you also need to understand what that means from an interest-rate perspective. If you already own the home, a home equity loan is an option. Many home equity loans will go up to a 90 percent loan-to-value ratio. And with interest rates where they are today, if you didn’t refinance in the last year and a half, it might make sense to go ahead and do a cash-out NEW HAMPSHIRE In hot housing market, fixer-uppers present opportunities — and challenges PHOTO | TRIBUNE NEWS SERVICE For buyers frustrated by the lack of inventory and rocketing prices, older homes can be a good compromise. refinance. Q: What advice do you give a first-time buyer considering a fixer-upper? A: First and foremost, be part of the inspection process. Buyers don’t always take this seriously. Maybe they hang out in the living room while the inspector makes his rounds. You should become attached at the hip. Really look at the inspector as a person to go around with and learn about the property. Also, a great way to buy a house is to put in a lot of sweat equity. If you can do a lot of work yourself, you can potentially save a lot of money. There’s the potential of discovering additional issues, so be cognizant of cost overruns. Lumber prices have been going up, so buyers should be prepared for and thoughtful about cost increases. Q: What’s a common mistake made by buyers of fixer-uppers? A: The biggest and most hurtful mistake is underestimating the cost of your renovation. No matter how well you think you estimate, there are always surprises. You have to assume that there are going to be cost overruns. It’s better to go into it anticipating that. Probably in the back of your mind you should be thinking of a 15 to 20 percent cost overrun.
July 20, 2021 – August 23, 2021 WWW.SUBURBANREALESTATENEWS.COM • 978-532-5880 11 NEW HAMPSHIRE REALTOR ® - ASSOCIATE BROKER 603-723-0521 Teamner.com martel.remax@yahoo.com 232 Glen Avenue | Berlin, NH 03570 | 752-0003 LLC Berlin, NH One level, 18,842 Sq.Ft building on 1.10 acres! Main Street/Route 16 location. Multiple areas with offices, show rooms and garage space. Majority of the property is being used as an indoor and outdoor vehicle storage location. Inside storage ($35 a month per vehicle). Outside storage ($25 a month per vehicle) $50 a month per outside covered bay. Large fenced in area with gated access. A large amount of parking on site. Overhead doors. "Unit 1" features 2 offices, half bath and showroom. "Unit 2" features office, office/lunch room, half bath and showroom. "Unit 3" features overhead door, showroom, half bath and storage area. This property was once a car dealership and has large display windows and features 301 Ft. of road frontage. Would make a great place to add outside self-storage units and continue the indoor and outdoor vehicle storage. Endless possibilities to accommodate virtually any type of business. River views! ATV friendly area, ride from this property to the miles of the miles of trails the area has to offer. Rare business and investment property. Need to view, to truly appreciate the amount of space this property has to offer. MLS# 4857865 Berlin, NH $199,900 Well maintained and cared for commercial building located in the center of downtown and situated on Main Street. 2 one bedroom apartments on the 2nd floor, both are occupied, and the tenants are long term and pay for their own heat! There are two spacious 1st floor retail/office spaces, or easily convert the two spaces to one HUGE 1st floor space for your business! One space is currently occupied at $900 a month. The other space will be available shortly for rent or you can use for your own business! Both 1st floor spaces have currently been renovated and have restrooms. Full basement. Newer furnace and hot water maker, vinyl siding/brick and updated electrical. Super location in the heart of downtown with high visibility. Opportunity is Knocking! 2nd floor apartments: $425 and $400 a month. Use one of the apartments for yourself and let the tenants pay your mortgage and utilities! MLS# 4839740 $149,900
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