To buy or not to buy a fixer upper

Many real estate shoppers are looking to buy distressed properties and wanting to fix them up themselves. What they don't end up realizing is the actual amount of work or costs involved. First, a poorly maintained home can have other problems that may not be noticed such as unseen mold behind walls, undetected water leaks in plumbing or roofing/window problems. Second, homebuyers often times have these grand remodeling ideas but don't realize that moving walls or adding rooms can cost considerably more than expected. If a home needs just repainting, new flooring and basic landscaping, the costs can be reasonable. When you start looking into replacing windows or a roof, it can get expensive. Home buyers should also consider there is an abundance of homes that have been over remodeled on the market. These homes may have $50k-$100k or more in upgrades but are not selling for much more than their not so nice counterparts in the same neighborhoods.