Can You Afford a Fixer-Upper?
Bradley Inman, CEO of HomeGain.com, a real estate sales and information Web site, says that buying a fixer-upper is not for everyone. “If people are unforgiving up front about assessing the costs of renovation, the value of the property and the neighborhood, and how much money they have, they can come out ahead and buy more house than they otherwise could ever afford,” he shares. Before you go ahead and make that purchase, think about how ready you are to commit to a huge renovation and if you can afford it, especially if some things in an old house go south. If you can, it can be an awesome opportunity and often times a good deal.