If you’re considering buying a fixer-upper, here are a few tips to consider.

1. Focus on location

While you can fix up a home, you can’t change its location. An ideal fixer-upper is in a desirable neighborhood that you love. If you dislike your surroundings or property values are struggling in the area, you might be left with buyer’s remorse. When looking for a fixer-upper, consider the neighborhood’s attributes, such as the school district, crime statistics and proximity to amenities like shopping, dining and parks.

“Seek the help of an experienced real estate agent to help you understand the neighborhood,” says Donovan Reynolds, an Atlanta real estate agent. Putting the work into a shabbier home in a sought-after neighborhood, he adds, means you get to “live in an area you might otherwise not have been able to afford.”

2. Budget for unexpected

When looking to buy a fixer-upper, it’s essential to have a plan going into the process. Renovating a home takes considerable time and money, and both budgets and timelines have been known to expand with this type of project. Reynolds suggests adding an extra 20% to your homebuying budget.

Although you might plan to do many of the repairs and renovations yourself, it’s best to hire a professional for important projects beyond your skill set, like electrical and plumbing work; you’ll want to incorporate that into your budget as well.

3. Expect disruptions

With supply-chain issues, unexpected weather and other hiccups bound to happen, you can and should expect the project to take longer than you’d like. Consider your lifestyle: Do you intend to live in the home while it’s being renovated? If you work from home or have young children, for example, living in a home that’s under construction for several months might be a deal-breaker.

4. Get a home inspection

When you’re ready to make an offer, be sure to make it contingent on the results of a professional home inspection. Licensed inspectors can point out potential flaws or other critical issues that might cause serious problems later on.

It’s also important not to let cosmetic flaws deter you from a home you otherwise love. Instead, focus on the major components of a home so you can anticipate how much you might need to budget for serious structural or functionality repairs.

5. Find right financing

Remodeling a fixer-upper can get pricey, so you’ll want to have the right kind of financing in place. Some home renovation mortgages even allow you to roll remodeling costs into your loan amount with a single mortgage loan— though there may be limitations on both your spending amount and your timeline.

Bottom line

There is no such thing as the perfect fixer-upper — it’s a matter of finding one that’s perfect for you. Each property is different, and the choice depends on your budget, timeline and lifestyle. Be realistic about whether you’re ready to take on such a major project before taking the leap and buying a fixer-upper home.