Should you buy a fixer upper [infographic]
Home prices may be down to where they were in 2002 and interest rates at their lowest in 2011, at an average 4.39% for a 30-year fixed mortgage. But for many who make the jump into home ownership for the first time, properties in triple-mint condition with pruned yards and top-of-the-line appliances are still too pricey. So many first-time home buyers look to so-called fixer-uppers. A home that costs less than one in move-in condition and would require extensive renovations or repair to become livable. While shaving thousands of dollars off the cost of a property sounds appealing, though, a fixer-upper isn’t for just anybody. Many buyers underestimate the amount of time, money and labor that need to be put into transforming it into something fit for an HGTV dream home showcase.
(Click on the infographic below to learn more.)
Via Column Five for Credit Sesame
