Questions to Ask When Buying a Fixer-Upper

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.