Buying a fixer upper is one of the easiest ways to become a homeowner. Many homes can be bought at a price far below market value simply because the owners have not kept up with routine maintenance. Quite often, leaky faucets, damaged shingles or roofing, and other easily repaired problems are the source of needed repairs.

It is important to check for structural integrity in any fixer upper properties. If the structure is sound, everything else in the home can be repaired or replaced. The great advantage to buying a home in need of repairs is the opportunity to pay as you go. Many choose to buy a less than perfect home at a low cost and then make the repairs as money is available. By doing so, they can avoid having a huge debt and eventually have the home of their dreams--debt free.

Remodeling or adding on to an existing home, however, takes the work of an experienced contractor, or someone with lots of handyman experience. This is an excellent opportunity for such a person to have a dream home at a fraction of the cost of the same home bought new. Fixer uppers can be especially great opportunities for young couples without a lot of money, but with a lot of energy and enthusiasm to carry through on the repairs.

Many homes requiring an excessive amount of work to make it marketable are opportunities to invest in the future. If the location is good, buying a fixer upper, doing the repairs or remodel, and then selling the home at market value is an excellent way to profit. There are many who buy, repair, and sell their way into the home of their dreams or to prepare for retirement.