If you're thinking of selling your home and buying a new property, you might come across an opportunity to purchase a "fixer upper." In fact, the home might be priced based on its need for work.
Should you buy that "fixer upper"? That can be a tough decision. Here are some questions you should consider:
What repairs need to be done?
Are there any major items that will need to be replaced soon, such as the furnace?
What renovations are needed? How much, realistically, are those going to cost?
How much of the work can you do yourself?
How long will it take for the improvements to get done? (How long will you need to live with drywall dust?)
How does the price of a comparable "move in ready" property compare to this one?
Of course, before considering purchasing any property - especially one that needs work - you should get a professional home inspection. It will uncover any issues you can't catch during a viewing. Ultimately, you'll have to weigh the pros and cons before buying a fixer upper.