If you are looking to buy a home that needs some work, take time to do your due diligence. Make sure to have a home inspection done. This will help you assess if the repairs are in your budget and you are willing to complete them. Keep in mind that cosmetic changes are relatively reasonable to fix. Paint, carpet and wood paneling are all cosmetic fixes. Therefore, you can take on these issues and be frugal. Further, you can still live in the home while these are addressed. However, anything structural may be cost-prohibitive or challenging. Therefore, be extra cautious if you find that there is a structural problem that needs to be addressed. These include cracks in the foundation, roof repairs or replacement, mold and mildew. Other costly repairs can be found in wiring and electrical systems, plumbing and the furnace. Make sure to have these evaluated in your home inspection as well.
All the best with searching for your new home. Buying a house that is a fixer could be a great deal but it could also be a money pit. Making the right choice is key. Take steps to mitigate your risks and you could find just the right house for a great price.