Buying a Fixer Upper as Your First Home

You've spent years watching HGTV home renovation shows, scrolling through DIY projects on Pinterest, and drooling over Insta-perfect houses. Now it's time to stop dreaming and start tackling your own fixer-upper! But where do you begin? North Country Savings Bank can help you secure a specialized mortgage loan to help you transform your first home into your dream home.

Why Buy a Fixer Upper?

For first-time home buyers, fixer uppers can be an excellent option – especially if you're handy with tools! Fixer upper homes often come with a lower initial price tag than newly updated or recently built houses, and they give you the chance to create your ideal space. They are also a great investment opportunity for millennial buyers, especially if the home is in an area with a competitive housing market. If you keep renovations affordable while still improving the overall value of the home, you could eventually resell the property at a profit.
That said, buying a fixer upper requires commitment and a willingness to put in extra work. The first challenge you will face is financing. Most traditional mortgages only cover the cost of initial purchase, leaving you to finance all necessary or desired repairs and renovations. If you don't have spare money in the bank to cover the work (most first-time home buyers don't), you'll want to consider a mortgage designed specifically for fixer-upper homes, like an NCSB Purchase Plus Loan.

NCSB Purchase Plus Loans

Sometimes your "perfect" home just needs a little extra love in order to be your dream home. North Country Savings Bank's Purchase Plus Improvement program can help take your new home from a "like" to a "love." Update the 70s-inspired kitchen, renovate the all-pink spare bathroom, or spice up the backyard with a bbq-ready deck. Using an NCSB Purchase Plus Loan, you can finance both the initial purchase price of your new property plus the cost of home improvements with one convenient loan. The Purchase Plus Improvement program is very similar to securing a mortgage. Here's how it works:

  • Finance up to 80% of the as-improved value of the property
  • Any renovation that will improve the market value of your home is eligible for financing
  • A detailed cost breakdown of the proposed improvements is required to determine the "as-improved" value of the property
  • North Country Savings Bank welcomes DIY builders!

To find out if you qualify for a Purchase Plus Improvement loan, stop by your nearest North Country Savings Bank location to speak with an experienced Loan Originator. There is no denying it – fixer upper homes are a lot of work. But, they can be worth the reward of living out your dreams in your perfect home. Armed with DIY instructional videos and the expert loan professionals at North Country Savings Bank, you can tackle anything. Move over Chip and Joanna, there's a new fixer-upper master in town!

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