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Should you buy a fixer-upper, or buy one that is fixed up (or new)? It is one of the toughest choices to make when setting a budget for your next house. Here are some helpful tips to help you make the best choice for your situation:

1. Get complete and multiple appraisals
How many appraisals should you get? Consider getting at least three, and then determining the average cost of repairing a fixer-upper. Also, it is advisable that you get several types of appraisals, such as soil, seismic, roofing, and so on.

2. Select houses requiring minimum repairs
The good news is that the 'fix' in 'fixer-upper' can be relative. It is highly advisable that you search for houses that need a minimum amount of work. That could include carpeting, basic plumbing, a coat of paint on the outside or inside, and so on. How about if a house needs major repairs that involve removing entire walls? You should still consider buying the house if the price is right.

3. Think about your long-term housing plans
Think about how long you want to live in your next home. The bottom line is that fixing up a house can be a challenging and time-consuming task. So it is generally not the best option unless you are planning to live in a certain house for several years or even decades. On the other hand, if you are planning to stay in a house for months or a year, then you should consider other options.

4. Do some number-crunching
Before deciding whether or not to buy a fixer-upper, you will need to learn how much money it would cost to do that. It is advisable to hire a professional appraiser, as he or she will have the necessary skills and tools. The actual cost of fixing up a house will vary from house to house, depending on its current state. After the appraisal, you will have some objective data for deciding whether to buy the house, or to let another prospective buyer have the “honors.”

5. Research the area's housing trend
While it is wise to fix up a home where its value will appreciate, that is not the case in areas where the housing industry is shaky. So it is important to learn if the value of a house in a certain area would generally increase or decrease after being repaired. If the value of a house would fall after you spend tons of money fixing it, then you should consider other options. Meanwhile, in a booming housing market the investment is worthwhile.

6. Determine how much effort and time you have
How much you would need of both when repairing a fixer-upper can vary a lot. So first you will need to determine how much work is needed to repair the home. Then you will need to determine if you have enough time and effort to get it done. If your schedule is already full then you should reconsider. And if your energy levels are on empty at the end of the day, then you should probably consider other options.

The above tips will help you to decide whether or not buying a fixer-upper is your best choice.

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