Sometimes, while house shopping, you may ask yourself the question, “Should I buy a fixer-upper, or no?” Most people have heard stories, equal parts nightmarish and fairy-tale-esque, about a friend, or a friend of a friend’s cousin’s uncle’s brother who bought a house and renovated it. Results may vary.While buying a fixer-upper is not for the faint of heart, Jill Krasny via Zillow Porchlight has done some research and compiled a list of situations where it is likely beneficial to be brave and say yes to a fixer-upper!
Simple upgrades
According to the blog by Krasny, if the upgrades aren’t too intensive (so, essentially cosmetic issues) you could have a winner. Issues with a foundation, electrical or plumbing issues could run up the price of repair fast.
The math is right
Your property has to be worth it, renovated or not.
Good timing
A fixer-upper relies a great deal on timing and patience. Patience is the name of the game in dealing with building codes, permits, and the possibility that your contractor could fall behind schedule. Krasny writes that committing to work on a fixer-upper requires one to be open to the potential issues that could pop up.
Source: http://www.zillow.com/blog/when-to-buy-a-fixer-upper-203311/