If you watch television, you have seen the shows that turn dumps into pristine dream homes. Fixer uppers can return good profits, but be careful when calculating repair costs.
Carefully Consider the Real Cost of that Fixer Upper
Flip it! Ah, the American Dream to the road to riches. The goal is to find a decent to nice neighborhood with one home that can charitably be considered to have a lot of character. Translating this infamous real estate term, the place is a dump and needs lots of work. Homebuyers can be suckers for these homes. They tend to see a low price when compared to the rest of the neighborhood and think they can make a killing when they fix the home up. This can, in fact, happen, but you must be very calculating.
Can you make a ton of money flipping fixer uppers? Yes and no. If you can do the work yourself, the profit potential is much better. If you must hire contractors to do it, you really need to take a moment and break out the calculator. Many people fail to do so and regret getting into a fixer upper.
One of the place people make mistakes with fixer uppers is failing to consider code requirements. The code refers to...
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