Real Estate Term of the Week

Fixer-Upper: A real-estate term for a home that needs maintenance work (redecoration, redesign, or reconstruction) and is typically offered at a low purchase price, but can usually be lived in as-is. Fixer-uppers offer buyers more house for your money, or potential profit for investors looking to flip the property.

There are several things you should consider before buying a fixer-upper: cost of needed-repairs, intended use of property (home or resale), potential market value of renovated home, and how much time it’ll take to renovate the home. Be sure to have a well-qualified inspector and contractor assess the home before you are locked into a purchase contract.