Is buying a fixer-upper right for you? How can you determine if a home is an opportunity or a nightmare? Here are the crucial questions to ask yourself:
1. Are the home’s issues cosmetic or structural? If they’re structural, you may
want to pass because of the cost and difficulty of fixing.
2. How much are you able to do yourself? You might have a lot of fix it skills, if
not, you might want to pass.
3. How much do you want to spend? Although DYI can save money on the
purchase of a home, buying a home that has been rehabbed already means
the repairs are part of your mortgage.
4. How much time do you have to work on projects? If time is limited, you
might become frustrated with living with uncompleted projects.
5. And most importantly – What did the inspection report say? Get a good
inspection in order to make an informed decision that’s right for you.