Lorrie Parajeckas | Winchester Real Estate, Lexington Real Estate, Arlington Real Estate



109 Cambridge St, Winchester, MA 01890

Single-Family

$1,275,000
Price

9
Rooms
6
Beds
2/2
Full/Half Baths
This striking hip roof Colonial is located just 2-tenths of a mile to Ambrose School and 1 mile to Winchester Center. Expansive rooms on all three finished levels, high ceilings, numerous critical updates inside and out, and meticulously restored period details include a handsome vestibule, welcoming foyer with stunning staircase, built-ins, & newly refinished hardwood floors throughout. The open formal rooms include a coffered ceiling dining room, butler's pantry, and fireplaced grand living room that opens to the front covered porch for all those outdoor gatherings. Formal rooms connect to a large updated country kitchen w/granite and SS appliances and a mudroom out to the patio and level backyard beyond. 2nd and 3rd floor sleeping quarters include a spacious owner's suite plus five additional bedrooms, offering lots of options for work and learn-from-home needs. All bathrooms updated. Basement is ready to be finished, and already has a half bath. Detailed list of updates attached.
Open House
Saturday
November 14 at 12:00 PM to 1:30 PM
More Open Houses
Cannot make the Open Houses?
Location: 109 Cambridge St, Winchester, MA 01890    Get Directions

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Image by Annie Gray from Unsplash

If you are handy with home repair, you could buy a more expensive house if you are willing to put some work into it. Many foreclosures are often sold “as is,” and require some work. The seller may also be more open to negotiating a lower price based on the number of repairs that need to be done. You could save quite a bit of money if you can do a lot of the work yourself.

The Down Payment

If you budgeted $300,000 for a home, you probably have the 20 percent down payment saved up already. Instead of putting all of that down payment on a $300,000 house, you could purchase a home that would be worth $400,000 if it didn’t need work. Instead, the sellers have listed the home for $200,000. Instead of putting $60,000 down on a home that is ready to move into, you could get a larger home and put down with a $40,000 down payment. That gives you $20,000 that you already saved to put into repairs.

Special Loans

Some lenders have loan programs that are specifically for fixer-uppers. They lend you the amount needed to purchase the home and extra money to make repairs to the house. However, you will have to follow the lender’s rules. The rules vary from lender to lender, but could include:

  • Doing a percentage of the work yourself;
  • Living on the property; and
  • Completing a portion of the work within a specific amount of time.

If you already plan on doing most or all of the work yourself, you’ve met that condition. If you are required to live on the property, you could set up an RV or live in a section of the house that doesn’t need extensive repairs. You could even convert an outbuilding to an in-law apartment.

The hardest part is committing to completing a percentage of the work within a specific amount of time. If you work all day, you only have nights and weekends to work on the house.

Know What Has to Be Done

Before you commit to a loan with terms for extra money to fix up a home, go through the house to make a list of everything that absolutely must be done. You might make a second list of things that you would like to do, but do not stop you from living in the house. Determine the costs of the “must-do” repairs to make sure you have enough money to make those repairs. Then, estimate the amount of time it will take you to make those repairs. You might want to pad the time since Murphy’s Law loves to interfere with your best intentions.

Once you determine that you have enough money to at least get the house habitable and can do it within the lender’s terms, you are ready to make a bid!



109 Cambridge St, Winchester, MA 01890

Single-Family

$1,275,000
Price

9
Rooms
6
Beds
2/2
Full/Half Baths
This striking hip roof Colonial is located just 2-tenths of a mile to Ambrose School and 1 mile to Winchester Center. Expansive rooms on all three finished levels, high ceilings, numerous critical updates inside and out, and meticulously restored period details include a handsome vestibule, welcoming foyer with stunning staircase, built-ins, & newly refinished hardwood floors throughout. The open formal rooms include a coffered ceiling dining room, butler's pantry, and fireplaced grand living room that opens to the front covered porch for all those outdoor gatherings. Formal rooms connect to a large updated country kitchen w/granite and SS appliances and a mudroom out to the patio and level backyard beyond. 2nd and 3rd floor sleeping quarters include a spacious owner's suite plus five additional bedrooms, offering lots of options for work and learn-from-home needs. All bathrooms updated. Basement is ready to be finished, and already has a half bath. Detailed list of updates attached.
Open House
Saturday
November 07 at 12:00 PM to 2:00 PM
More Open Houses
Cannot make the Open Houses?
Location: 109 Cambridge St, Winchester, MA 01890    Get Directions

Similar Properties




109 Cambridge St, Winchester, MA 01890

Single-Family

$1,275,000
Price

9
Rooms
6
Beds
2/2
Full/Half Baths
This striking hip roof Colonial is located just 2-tenths of a mile to Ambrose School and 1 mile to Winchester Center. Expansive rooms on all three finished levels, high ceilings, numerous critical updates inside and out, and meticulously restored period details include a handsome vestibule, welcoming foyer with stunning staircase, built-ins, & newly refinished hardwood floors throughout. The open formal rooms include a coffered ceiling dining room, butler's pantry, and fireplaced grand living room that opens to the front covered porch for all those outdoor gatherings. Formal rooms connect to a large updated country kitchen w/granite and SS appliances and a mudroom out to the patio and level backyard beyond. 2nd and 3rd floor sleeping quarters include a spacious owner's suite plus five additional bedrooms, offering lots of options for work and learn-from-home needs. All bathrooms updated. Basement is ready to be finished, and already has a half bath. Detailed list of updates attached.
Open House
Saturday
November 07 at 12:00 PM to 2:00 PM
More Open Houses
Cannot make the Open Houses?
Location: 109 Cambridge St, Winchester, MA 01890    Get Directions

Similar Properties



If you're currently renting an apartment or house, it makes good financial sense to consider becoming a homeowner in the foreseeable future. There are pros and cons to owning your own home -- and it's not for everyone -- but for most people, the advantages far outweigh the disadvantages.

An exception would be if your job requires you to relocate frequently. In that scenario, the potential benefits of building up equity in a home would be greatly diminished.

On the other hand, if you plan on staying put for more than a few years, then the tax benefits and investment value of owning real estate could put you on a stronger financial track than if you continued shelling out your hard-earned money to a landlord. You've probably heard the argument before: "If you pay rent, you have nothing to show for it at the end of the year". However, when you buy a home, an increasing portion of your monthly payments is applied to your actual ownership of the property (as opposed to how much you owe the bank).

Tax Advantages of Home Ownership

In most cases, you can deduct all of your home mortgage interest from your federal tax returns, according to the IRS. More specifically: "The only costs you can deduct are real estate taxes actually paid to the taxing authority, interest that qualifies as home mortgage interest, and mortgage insurance premiums."

However, since everyone's financial situation is different and there is no "one size fits all" approach to financial management, it's always best to consult with an experienced CPA, enrolled agent, or knowledgeable tax preparer. There may be other tax benefits you could qualify for as a homeowner, too, including getting tax credits for installing a solar energy system. The government's Energy Star program says tax credits on new solar energy systems are available through the year 2021.

Getting the Process Underway

Two key steps to becoming a home owner are finding out your credit score and meeting with a mortgage lender to determine how much of a real estate loan you could qualify for. An experienced real estate agent can also provide you with a wealth of guidance and information on how to become a homeowner. They can fill you in on many of the exact steps, requirements, and advantages of buying your first home. A buyers' agent can also help you assess your readiness to take the plunge into home ownership.

In addition to finding out your credit score, which will impact your mortgage interest rate and the type of loan you may qualify for, other vital information can be gleaned from a detailed personal budget. Although the amount of rent you now pay will provide some insights into your potential house-buying budget, there are a lot of variables which will impact how much of a mortgage you could comfortably afford.




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