Buying a house that needs work is always a gamble. You might get lucky and find the perfect fixer upper — one with great bones and potential — or you could end up with a money pit that never quite lives up to its potential.
But buying a house that needs work is also an opportunity. You can get a deal on a home that needs work because sellers have to price their homes lower than similar homes without problems. And if you’re handy, you may be able to save yourself some money by doing some of the repairs yourself.
The best way to get started with this type of purchase is by doing your research ahead of time, so you know what kinds of problems are common in older homes and how much they’ll cost to fix. You can also talk to real estate agents who specialize in selling fixer uppers and ask them about recent sales in your area — this will give you an idea of what similar houses are selling for, so you can determine if the price is right for your budget.
Last modified: July 30, 2022