Three Tips on Finding the Right Fixer-Upper
Guest Post by Bret Engle/ DIY Guys.net Three Tips to Find the Right Fixer-Upper for Your Needs and Budget Hats off to first-time buyers willing to invest in an old home with good bones. Not only are you willing to brave the complicated world of finance but also the complex renovations that a fixer-upper entails. But there’s a bright light at the end of the tunnel: investment value. Do it right, and you’ll end up with a property that’s worth twice as much as what you paid. Do it wrong, and you’re in hot water. Here are some steps to avoid that latter scenario. Figure Out Your Budget In general, by using your savings to make a down payment, you lower your monthly fees. In fact, if you pony up 20 percent or more of the value of the property, you no longer need private mortgage insurance , which not only takes a bite out of overall costs, but also simplifies the buying process. As far as your mortgage, that depends on your monthly income. In general, lenders make their
