But if you're able to pull off a successful transformation, you'll reap the benefits. Best-case scenario: You'll end up building your dream home and increasing the value of the property.
But fixing up a ramshackle house can cost a fortune. Unforeseen problems can surface that will make your fixer-upper a real money pit.
When looking at real estate listings, you'll notice that no two fixer-uppers are the same. One may have sat vacant for a while, another may be in desperate need of a new roof, and another may have a mold infestation. Each of these scenarios will cost money to rectify, but some situations are more manageable than others. On your hunt for that hidden gem of a fixer-upper, keep your eye out for the following signs.
All of these problems can be fixed—they'll just add more to your bottom-line costs.