Sure-fire ways to spot a fixer-upper that’ll fix you up financially. According to Houselogic.com, a fixer-upper isn’t necessarily something to eschew. If the right things are wrong with a house, you could not only turn it into your dream home, but also earn serious equity (wealth building!) in the process.
Oh, and don’t assume you need to be a DIY master to make it worthwhile, either. Time and patience may be all you need.
#1 Evaluate the Price – If it’s a fixer-upper, it should come at a fixer-upper price.
#2 Start Evaluating What Improvements Are Needed – The best fixer-uppers offer lots of opportunities for “instant equity,” which means if you sold the home tomorrow you’d pretty much get that money back, unlike other projects which you may never get your money back on.
#3 Which Hire-a-Pro Projects Add Instant Equity? – Fact: While most home improvements add some equity, some are consistently at the top of the heap. Another thing those equity champions have in common: They usually require the help of a pro, but the cost can be instantly worth it.
#4 Evaluate Your Ability to Deal with Disruption – Whether you’re a DIY Jedi or content to let the pros handle the remodel, if your patience is shorter than your potential home’s to-do list, a fixer-upper may not be a good choice.