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Episode 2590:
Lisa Aberle of GetRichSlowly.org delves into the pros and cons of buying a fixer-upper. She shares her personal experiences with two different fixer-upper homes, providing insights and practical advice for those considering such a purchase. Lisa emphasizes the importance of an honest self-appraisal regarding one's skills, willingness to undertake repairs, and the ability to live in an ongoing project. She also advises on assessing the home's condition and potential renovation costs. Her three key rules are: buy below the average cost in a good neighborhood, find a house with quality construction, and prefer cosmetic upgrades over major projects. Despite the allure of fixer-uppers, she cautions against underestimating the challenges and costs involved.
Read along with the original article(s) here: https://www.getrichslowly.org/should-you-buy-a-fixer-upper/
Quotes to ponder:
"Fixer-upper (noun). A home you purchase at a reasonable price, but one that requires an unreasonable amount of money in repairs and renovations."
"So before you fall in love with a fixer-upper, ask yourself if this is a decision you can live in."
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Optimal Finance Daily - Financial Independence and Money Advice