Home-Buying 101 (Fixer-Upper Style)

I will be looking to buy a house in the next few years. I am hoping to find a decent home that won't take forever to pay off. So I will be looking into what preparations I should make in buying a fixer upper. I read someplace that owning a home is akin to having children: you just can't prepare for everything!

While you cannot prepare for everything, you can do some research to help keep you from signing away your life to massive stress and financial ruin induced by buying a readily condemnable non-structure on a lot! I want to buy a fixer-upper, but I want it to be livable. If I can get the home inexpensive enough, I will redo the bathroom and kitchen anyway, but I really don't want to have to seal the basement, replace the HVAC, and have an electrical fire. (Thinking about it, I will likely need to upgrade the electrical. I have heard about electrical fires because the old circuitry is not equipped to handle the electronics of today.)

So, here is what I have so far:
Examine my own finances and determine if I lcan afford a home.
Check out the area!
Get homes inspected!

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