Depending on the work needed and the value of the house, buying a fixer upper can be very rewarding. A word of advice would be to have an inspector come into the house prior to purchase to avoid major renovations and unexpected problems.

A house in need of cosmetic improvements only, such as painting, light fixtures, hand railings etc. can be a great flip. Often these visually unappealing homes can be fabulous finds.

I have recently purchased a home in my area. It has been a rental home for many years but is in a desirable location with fantastic sun exposure. The yard was never landscaped and the previous owners didn't finish things such as putting covers on the outlets. The stairs to the front door did not have a hand railing. Fortunately the roof and the hot water tank were only one year old and it is built very solidly with 2 x 6's in the attic. It was built around 1960. The wiring has been upgraded and the basement is finished(although again no covers on outlets etc). I have been here for 10 months and have put the hand railings in, had a bobcat level out the back yard, added perennials and grass seed and have been painting. I have spent less than $1,500 so far and the value of my home has increased around $40,000.

I would be extremely careful in buying a home with major renovations required as hiring a contractor would be much more expensive. It is important to look for things such as previous water damage, insect infestation, knot and tube wiring in older homes etc.

Happy Home Purchasing...

Learn more about this author, Sheila Howard.
Click here to send this author comments or questions.

---

Add your voice

Know something about The pros and cons of buying a house that needs work?
We want to hear your view. Write now!