If you’re really handy, have a passion for restoring homes, or just want to save a lot on a house, buying a “fixer upper” might be an option for you. Buying a home that needs a lot of repairs is not always a bad thing! If you love the home and see real potential in it, go for it! However, it’s important to crunch the numbers and make sure that the cost of the repairs will not outweigh the discounted price. For tips on buying a fixer upper the smart way, read this post by Jill Krasny at the Zillow blog:
-Check the zoning- so you know what repairs/modifications are permitted
-Bring in a home inspector- this is important for any home sale, but doubly so for fixer uppers! That way, you will know exactly what issues the home has, and what needs to be done to fix them.
-Hire and architect/contractor with good references
-Research tax incentives for improving your home!
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