Fixer-uppers can be dreams or money pits

From today's Marketwatch.com,

Is a fixer-upper for you?

All fixer-uppers can be diamonds, said Tom Silva, a general contractor who has starred on TV's "This Old House" for 20 years. For him, restoring the luster to an old home has a high gratification quotient. But a high cost quotient also accompanies many a renovation project.

"It's expensive in most cases to take an old house and bring it back," Silva said.

The trick is for homeowners to understand how much money they are able and willing to invest in renovation costs before buying a potential fixer-upper. Some buyers even bring a remodeler into the house before actually making the purchase to discuss realistic figures for improvements, Van Cura said. [more...]

I've been involved in multiple restoration projects, new construction projects, and complete facelifts, and it's easy to get carried away with costs.

The most important thing you can do is to focus on what will really matter to the next buyer, no matter how long you plan on staying in the house. And if you make decisions that are personal in nature, assume that someone else will not value that item nearly as much as you, if at all.

Remodel hell wreaking havoc on your marriage? [SFHomeBlog]
Are fixer-uppers a good deal in today's market? [SFHomeBlog]