Buying a fixer-upper is one of those endeavors that looks so fun on TV (thanks, Chip and Joanna Gaines). But make no mistake: In real life, it’s a huge risk, and a whole lot of work. So before you set out to swoon over some hovel you dream of transforming into your dream home, you should learn a few things about how to find a diamond in the rough rather than a money pit—and how to do the math to make sure it’s worth all the sweat equity you’re about to pour into it.
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