Sure! With one major qualification: you have lots of time and lots of money. While it sounds like doom-and-gloom, a healthy dose of reality is sorely needed.
MSN Real Estate explains the pros and (mostly) cons of embarking down the surprise-laden path of a fixer-upper. But one expert, the president of the American Society of Home Inspectors cuts right to the chase. He cautions:
First-time home buyers should probably steer clear of a house that needs extensive repairs. Most people overestimate how handy they are and underestimate the cost or repairs. They end up taking on these large projects not being able to finish them.
Put simply: it’s easy to get in over your head. But if really think you’re up to the task, keep an eye out for these red flags:
- Old heating, air conditioning, and plumbing systems. Any dated house or fixer-upper will almost surely need a heating, air conditioning, and plumbing overhaul, and it isn’t cheap.
- Old wiring and electrical systems. The same rules apply here: an old electrical system can be fraught with surprises (and danger), so you’ll probably have to jettison that too.
- Foundations fade away. Once-sturdy foundations eventually buckle after the house settles, the ground shifts, and tree roots intrude. Failing to spot a crumbling foundation means the onset of serious headaches.
- Mold. One small word that will make anyone run with their tails between their legs. Keep a very close eye out for this invasive and expensive intruder.
Also make sure you connect with an experienced contractor before you buy. Take a walk-through with someone who can provide realistic advice and prices before taking the plunge.
Many gems start out as fixer-uppers, as yours can eventually make the cut. But please don’t dive in without taking an honest assessment of your ability to finish the job.