With interest rates moving higher and the inventory of houses low, many are
considering whether a “fixer-upper” might be a better choice than a ready to move
in “turnkey” property.
A “fixer-upper” could give more bang for the buck if what needs to be fixed is more
cosmetic than fundamental. A coat of paint can be a do-it-yourself project, but
removing wet mold is a major project. You can change the landscaping, but you
cannot change the location. You need to decide how big a project you are able to
take on, and how you will finance these repairs.
Evaluate the results of inspections carefully. Expect the unexpected. Work with
recommended licensed contractors. Add 25% to your estimated costs for the
unexpected.
