"Fixer-upper" is one of those real estate terms that just kind of sounds fun and hopeful. It brings to mind images of rolling up your sleeves, picking out tile samples, and ending up with the home of your dreams at a bargain price. And sometimes, that's exactly how it works out.
But a fixer-upper can also be more than some buyers want—or are prepared—to get involved with.
The reality is that whether they sound like an opportunity or something you'd rather avoid, sometimes buying a house that needs work is your best option. Maybe there aren't other homes available in your price range. Maybe the house is in a far better location than other properties in the same budget. Maybe you're excited about starting from scratch and putting your own touches on the place. Or maybe the deal is simply too good to pass up.
Buying a house that needs work can be a smart move—as long as you know what you're getting into and make thoughtful decisions about what work to do a...