Fixer Upper or Money Pit?

Renovating a fixer-upper is not for the faint of heart. It takes patience, sweat equity and deep pockets. Thanks to a limited inventory of affordable entry-level homes and the aging of America’s housing stock, a growing number of home buyers are considering fixer-uppers. While a fixer-upper might have an appealing price tag, the markdown might not make up for basic renovation costs. Do the math. It can be an overwhelming process if you don’t really know what you’re doing. You have to be careful that you don’t get in over your head.

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