What do you do if your dream home just isn't in your budget? That's easy – buy a fixer-upper and turn it into your dream home.

Of course, finding a great fixer-upper and transforming it into a palace isn't always an easy task. That's why our real estate agents are eager to share some tips on how to navigate from fixer-upper to dream home.

Why Buy a Fixer-Upper?

Some people make it their business to buy old houses and fix them up to "flip" for a profit. It can be a lucrative trade, but even if you're simply looking for a house to live in, fixer-uppers offer some distinct advantages. A fixer-upper can be especially great for first-time home buyers, especially in pricey neighborhoods where already-renovated houses are unavailable or too expensive.

The big advantage of fixer-uppers is that they're cheap compared to new construction (although, keep in mind, that the cost of renovation can add up if you're not careful). These houses also offer an opportunity to customize and really make your living space match your unique vision, whether you want to modernize the house or keep its historic charm intact.

Fixing Up Your Fixer-Upper

Not all fixer-uppers are created equal. There are some that can be brought back to life with a few updated fixtures and a quick coat of paint. Others end up requiring endless work and tremendous amounts of money just to be livable. Keep a few things in mind as you look at potential homes:

• Know your budget. Before you go looking for houses, it's important to have a solid idea of what you can afford (including the cost of renovations). Getting pre-approved for a home loan is an important step in the budgeting process that will help you zero in on your maximum budget.
• Understand your skill set. Some of us are handier than others, which is fine. Know what kinds of DIY projects you're willing to tackle, and which ones you're not. Decide if you want to do all the work yourself, or if you plan to work with a contractor.
• Decide between repairing and remodeling. If a home needs major repairs, they will probably have to be made before you move in, but updates and cosmetic remodeling can usually be done while you're living there.
• Know what can't (or shouldn't) be fixed. Most problems with a house can be repaired if you're okay with spending the time and money necessary to do it. But some problems – especially structural issues involving the roof or foundation – are often so expensive and time consuming that they aren't worth it.
• Hire an inspector. You should never, ever buy a fixer-upper without having it inspected. The inspection might cost a couple hundred dollars, but could potentially save you from buying a house with major unseen problems.
• Work with a great agent. Having a great real estate agent in your corner is one of the biggest advantages you can have. From locating a house to negotiating the price and closing the deal, make sure you have an agent with in-depth knowledge of the local real estate market, and who has your best interests in mind.

Contact Wardley Real Estate today to learn more about finding a great house and making it your own. Whether you're looking for a brand new house or a fixer-upper project, we offer the best Las Vegas homes for sale.