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Thinking about buying a fixing upper? Here’s what you should know before making the purchase.

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First - the pros:

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You’re going to have a lower purchase price compared to the move-in ready homes. You’ll also have a ton of customization potential, and of course the potential for increased value.

With the right renovations, you could significantly increase the home’s value.

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Now, the cons.

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Renovation costs can sometimes be high.

Unexpected issues can pop up which add to the expense.

Some lenders are hesitant to finance fixer-uppers, or you might even need a special type of loan to purchase the property

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