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The Financial Return of a Fixer-Upper
If you're looking to lock-in price appreciation, choose a fixer-upper. These are properties that need a significant amount of work, but once the work is completed, their value soars above the cost of the property plus the cost of the work you've put in.
The best kind of fixer-upper is one with cosmetic problems rather than structural problems. Cosmetic problems are relatively easy and inexpensive to change, such as ugly carpeting, peeling paint and wallpaper, painting the exterior and removing non-load bearing walls. Structural changes include replacing roofs, fixing foundations and moving load bearing walls, and can be more difficult and expensive to change.
Since you know you'll be making changes with a fixer-upper, know the costs of the changes before you make an offer. If you're unsure what things cost to do it yourself or hire someone to complete a project, talk to local contractors and visit your local home improvement store.
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