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Pros and cons of buying fixer-upper home

Some mistakenly overpay because they foresee big returns
Published on Feb 26, 2007

Buying a fixer-upper home can certainly be profitable. But if you're not careful, it can also lead to a financial misstep. Here are tips to keep you on the right track. Many first-time buyers are attracted to fixers as a way to buy a home in a choice neighborhood that would otherwise be unaffordable. A successful fixer turnaround requires time, money and expertise. If you're a first-timer who works full time, is short of funds, and has little or no previous contracting experience, you should reconsider this strategy. Regardless of whether you're a first-time or seasoned home buyer, you should seriously consider if you're well suited to the task before you buy. Remodeling is challenging and disruptive. It can end up taking longer and costing more than anticipated. Many relationships have crumbled during renovation projects. Buyers who are convinced that buying and renovating a distressed property will be a personally and financially rewarding endeavor need to make sure that the propert...

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