TV shows that magically transform a run down home into a sparkling jewel are all the rage today. In half an hour you will see a home that was once a run down piece of junk, blossom into a much-desired dream home. But unless you are aware of exactly what is involved in transforming the property, you could be in for a rude awakening.
The discounted price of a fixer-upper in a good neighborhood is a very attractive prospect, especially for young first time buyers who have a lot of ideas, energy and spare money from the money they have potentially saved.
Many times, these buyers have no idea what the repairs will cost. What may look like a home in need of cosmetic work may actually require major repairs to the roof, expensive electrical and plumbing upgrades, and possibly even some structural work.
If you are one of the few that has the means and ability to do much of the repair work yourself, then the purchase makes sense, but how many of us have the time to do this, especially with our busy careers and family? Do you want to spend your precious weekends and spare time working on your home?
A home like this is only a bargain if you can do much of the work yourself and are aware of the process that is required to make the home your dream home. So, no matter how tempting the purchase price may be, you must decide whether you want to spend the next few years slaving away on a project that may require more resources than you imagined, or spend the extra money and buy a home you can comfortably live in on the onset.
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