Investing in Fixer-Uppers: What You Need to Know

When it comes to investing in fixer-uppers, there are a few key considerations to keep in mind. Before you proceed with a purchase, it's important to think about your budget, needs, preferences, and lifestyle. A fixer-upper can be a great investment, but it can also be a source of financial strain if you don't accurately estimate the cost of renovations or skip an inspection. No matter how you finance your home improvements, it's essential to have an emergency fund.

Even the best-laid plans can go awry, and you may need cash on hand to quickly resolve any issues that arise. CNBC Select recommends having enough liquid and flexible savings to cover expenses for three to six months.

Harvey Billa
Harvey Billa

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