Fixer-upper or Not!

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Real Estate

Fixer-Upper or Not!

         If you're seriously considering purchasing but still want to save money you may think about a fixer-upper.  There are pros and cons!

  • Keep in mind that properties are going to be judged directly to other comparable homes in the area. If you are looking for a specific location it is possible a fixer-upper could improve your chances.  You could stand a better chance of winning the bid if you are willing to finance the repairs rather than ask the seller to cover the cost of required repairs.

         Also, a lower purchase price means a lower down-payment.  But be prepared to do the repairs out of your own pocket.   There is a lot that can go wrong once you start a renovation.  Make sure to             budget for the unexpected.        

  • Financing can also be more complicated for a fixer-upper.  Renovation loans are available and can help.