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Fixer-uppers are not for everyone, but the results are usually worth it.

Properties that need a lot of work are usually offered for sale at a discounted price. If you're attempting to buy into a high demand, high priced neighborhood, a fixer at a reduced price could represent a prime opportunity. Just make sure that you know what you're getting into before you complete the purchase. Have the property inspected by qualified professionals, and get estimates from reliable contractors for necessary repair work. Fixer-uppers usually sell at a discount because of deferred maintenance and functional obsolescence. In an extreme case, repairs can run in to the hundreds of thousands of dollars.

Recently a couple with two small children made an offer to buy a fixer-upper in Nashua, a city with an excellent public school system. The demand for homes in Nashua is currently so high that some listings in good condition sell for asking or over the asking price, sometimes with as many as 10 and 11 offers. This Nashua fixer-upper presented an opportunity to buy at an affordable price. The buyers plan to live in the property in its present condition while they save money for an extensive renovation.

They were preapproved for a mortgage so they knew what price they could afford to buy. They studied comparable sales information. Fortunately, they had seen most of these properties. They had experience renovating their current home, so they were able to come up with a ballpark estimate of how much it would cost to renovate the property. They had lived through remodeling projects and knew first-hand how disruptive the process can be. Numerous inspectors scrutinized the property. The inspections revealed that both the roof and the foundation needed replacing-two large unanticipated expenses. Through further negotiations, the seller agreed to lower the purchase price by half the amount of these repairs. The buyers also consulted with an architect who was familiar with the Nashua Building Department requirements. This revealed that getting approval for the remodel would be a lengthy process. Armed with this information, the buyers decided to go ahead with the purchase. Less experienced buyers shouldn't even consider a project of this magnitude.

An issue for most buyers contemplating a major home renovation is whether they will be able to recoup the costs when they sell. In most cases, the answer is: not immediately. Fix-up for sale projects involving minor cosmetic improvements are usually profitable when you sell. But, you usually don't recoup 100 percent of your investment on a major remodel done just before you sell. Major renovations completed for your own benefit usually pay off if you live in the property long enough. Your home should appreciate in value over time. You'll earn appreciation on an asset that has been made more valuable by your renovations. Plus, you'll enjoy the benefits of the improvements while you're living in the property.

The closing: Buying a fixer isn't for everyone. But if you do decide to take on such a project, go into it with your eyes open. It could take longer and be more frustrating and expensive than you anticipate. Fortunately, the results are usually worth it.

6 Fixer Uppers For Sale in Southern New Hampshire.
Milford NH Home $162,900   1386 Sqft | 2 Bedrooms |  2 Baths | 3 Images
Real Estate  in Milford NH       This home boasts a flat corner lot bordered with lilacs giving privacy from your neighbor. The roof, vinyl windows, vinyl siding, updated oil furnace and hardwood floors make this a must see. Nice woodwork. An enclosed porch adds extra space to this 2 bedroom , 2 bath home. The attached 2 car garage is entered from the mudroom/laundry. Extra space in garage for your toys or hobbies. The backyard boasts a shuffleboard with equipment to play. Needs work, cash buyer, or 203K is probably the best way to go. Needs baths kitchen redo. Full dry basement for extra storage as well.

Manchester NH Home $209,900   3640 Sqft | 4 Bedrooms |  2 Baths | 22 Images
Real Estate  in Manchester NH       This 9 room, 2 full bathroom, Colonial fixer upper awaits your finishing touches. The second floor bedrooms are down to the studs and the full bathroom has had some updates; first floor with a den, living room, full bathroom, and a two entry access to the upstairs via the kitchen and dining room with a large finished room with two closets on the third floor. Wood floors throughout, a rear enclosed porch, and a wrap around porch from front to side-use caution as porch flooring is in need of repairs. Sold "as is" "where is" and with all faults. The information in this listing is believed accurate but is not guaranteed by the seller or seller's agent. Seller and seller's agent make no representations or warranties.

Derry NH Home $229,900   3300 Sqft | 3 Bedrooms |  3 Baths | 22 Images
Real Estate  in Derry NH       This fixer-upper is located off the main road and surrounded by trees. This is a spacious Colonial/Garrison with eat-in kitchen, dining room, living room and family room with fireplace. Family room ceiling is vaulted with sliders leading to a large two level deck and an above ground pool, condition unknown; a screened porch is located off the kitchen. Three bedrooms and 2 bathrooms, the half bath is conveniently located on the first floor. Missing copper plumbing, discoloration on ceilings and the electric service is off view property with caution. Exterior debris is to be removed in the spring when the ground thaws. Access to property/driveway is via a private road, Waterman Hill Road. Due to Fannie Mae requirements, this property is to be marketed to an owner occupants or non-profit entities for a period of 20 days following the initial listing in MLS. After 20 days of marketing and if no owner occupants or non-profits have submitted and received offer approval during this period of time, the seller will then begin to entertain offers from all potential buyer types.

Concord NH Home $114,900   3631 Sqft | 3 Bedrooms |  1 Baths | 10 Images
Real Estate  in Concord NH       Located in Penacook - Great fixer-upper opportunity. This 3 bedroom, 1 bathroom home has a spacious family room, separate dining room and rear enclosed porch ready for your personal touches. Deeded rights to use the roadway on the Westerly side of the premises and also the right to use the ten foot roadway south of the premises. Sold "as is" "where is" and with all faults. The information in this listing is believed accurate but is not guaranteed by the seller or seller's agent. Seller and seller's agent make no representations or warranties.

Concord NH Home $79,900   870 Sqft | 1 Bedrooms |  0 Baths | 1 Images
Real Estate  in Concord NH       Seasonal camp overlooking Contooook River. Great for canoes, kayaks, small boats or small motor boats possible. The value here is in the land. Property needs work. Currently water is from the river and there is no known septic. This means financing would be difficult. Buyer should assume they need to pay cash or get an equity loan from another property. Owner will be assisting with showings. Agents see non public remarks. Property is being sold as is. Drive by is encouraged, feel free to walk around property.

Bennington NH Home $69,000   2156 Sqft | 3 Bedrooms |  1 Baths | 4 Images
Real Estate  in Bennington NH       Great opportunity to purchase a fixer upper at the low price. Bring your contractor. Convenient in town location with the quintessential "Mayberry" feel. This house has a great in town lot and good bones. Some work has been started.