As I've noted earlier than, I'm a huge fan of home-remodeling indicates. One of my present day favorites is
In this way, I think "Rehab Addict" is a good counterbalance to some of the other home shows, which make the process of making over a house look like a lark from beginning to end. Binge-watching a whole bunch of "Fixer Upper" episodes could easily lure a viewer into thinking, "Gee, this doesn't seem so hard! All you have to do is buy a beat-up old house and throw up some shiplap and new tile, and you can make a ton of money!" And in reality, of course, it's almost never that simple.
So in my latest Money Crashers article, I offer a more nuanced look at the pros and cons of buying a fixer-upper. I go into all the nitty-gritty details that the HGTV shows tend to gloss over, such as:
- Figuring out what repairs a house needs
- Determining what you can DIY and what you have to hire out
- Calculating the costs for repairs and permits
- Financing options that cover both the house and the repair costs
- Evaluating your own ability to handle a fixer-upper
- Deciding how much to offer
- Bargaining with sellers to get a good deal
- Writing clauses into the contract to protect yourself
