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Reply to "If you purchased a fixer upper - how did you see its potential?"
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[quote=Anonymous]We've earned money on our fixer upper largely because it checked the box on all the things we couldn't change (neighborhood, street, size of lot) or couldn't easily change (house size, high ceilings, architectural style). Everything that made it a bargain (old bathrooms and kitchen) were fixable and gave us a way to customize the house to our taste. Check all of the stuff you can't see in the open house through an inspection (electrical, roof) and cost out those updates and repairs, too. If the cost of updates puts you at or below the neighborhood comps you're in good shape. Also look at the trends in house prices in the neighborhood and reasons why they may rise or fall in the future (new development, etc) to get some idea of if the neighborhood itself will be a good investment. Good luck![/quote]
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