I'm highlighting Money magazine's excellent resource on how to find the perfect home. Today, we'll talk about defining the acceptable condition of your home. Their thoughts:
Unless you're buying brand new, expect your home to need some upgrades. Just be sure the issues aren't structural. Better to go with a home needing cosmetic work or at least a less extensive overhaul. The investment you make in resolving these will improve your quality of life while living there and increase the resale value.
Money has included a green, yellow, and red light system as well to tell readers which repairs are ok to deal with, which are fine but may require a bit more expense, and which ones they definitely do not want to mess with.
In addition, Money cites a Harvard study that says new homeowners spend an average of $2,300 annually on improvements. Is that all? If we find a place and all it needs is $2,300 of improvements/changes, you'll find me outside in front of the house -- dancing in the street! ;-)
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