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Tips on Buying Your First Fixer-Upper
Well, it's time to jump in the water and get your feet wet.  The first thing you want to do is get out there and start looking.  Talk to real estate agents, look in the classifieds, and keep your ears open for a good deal. You want to find the worst house on a decent street; you don't want to end up with the nicest, most expensive house on a not so good street.  If the house is in a bad area, it will be harder to sell because the location is not that desirable and your prospective buyers will be harder to get pre qualified for financing.  Find a house that is structurally solid but needs some major or minor cosmetic attention.  Minor cosmetics come in the form of carpet, paint, ceiling fans, light fixtures, and landscape.  Major cosmetics are the windows, bathrooms, kitchens, and roof.  The items to steer clear from are leaky basements, bad foundation walls, septic and well problems, and structural problems with any pavement or interior walls.
Once you find a home that you think could be a winner, there are a few things off the bat that you should do.  You will want to get comparable ... more

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