When buying a fixer-upper makes cents
Some renovations can significantly increase
the market value of a home. Others can cost
more than you’ll ever get back.
So, when choosing a “fixer-upper”, look
carefully at the work that needs to be done.
General painting, and bathroom or kitchen
renovations typically increase the resale
value of a house. “Invisible” repairs such as
plumbing, electrical, or heating systems
do not.
Before you buy, work with your REALTOR® to
develop a market value estimate of the
house you are considering as though the
renovations you’re contemplating are
already complete.
If the math works, go for it. Buying a “fixerupper”
can be very rewarding.