SWEATING THE BIG STUFF

If you are looking for an increasingly scarce bargain in the housing market, consider the time-honored tradition of using you own "sweat equity." By purchasing a property that needs some repairs and renovations that you can handle on your own, you can have a finished product that has your personal touch for less the the cost of a home that is already similarly finished. As always, we have to make sure that the location of your fixer-upper is good. Remodeling a bad house in a good neighborhood is preferable to fixing a relatively good property in an undesirable neighborhood. After that, make sure that intended improvements are appropriate to the neighborhood. Never over-improve unless you are willing to absorb the cost. It is critically important to figure out, to the penny, what it will cost you to buy a home in need of repair at the right price and fix it up