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Is a Fixer-Upper for You? 5 Things to Keep in Mind Before You Commit
 
Many buyers start their home search with the idea that a fixer-upper will save them money, make them money and give them their dream home all in one.  Unfortunately, many discover that buying a fixer-upper home isn’t for everyone. An older house with a lot of character may look great, but a professional inspector may find issues that make it a more expensive home than you think.  In addition, you may discover that that fixer-upper brings repairs that are beyond your abilities.  You need to be sure that you have the right mixture of skills and the finances to carry out the repairs.
Here are somethings to consider before you leap into buying that fixer-upper “dream home:"
Talk to Your Lender About the Costs
The idea of saving money as you buy and making money as you sell motivates lots of buyers considering a fixer-upper.  There are the lipstick on the pig fixer-uppers and then there are the total gut and rehab projects.  You can probably handle the expense of the lipstick on the pig home in your monthly budget - a new stove this month, three gallons of paint next month.   If it involves major outlays like building or moving bathrooms or ... more

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