Buying a fixer-upper property has become popularized thanks to home improvement shows. But buying a fixer-upper--either to keep or resell--isn't just for TV.

Home Ownership Has Many Advantages. For individuals who intend to stay in one area for a while, the financial advantages of home ownership can be hard to beat. For Example. Let’s say you — or your child or grandchild — are now paying $800 a month in rent. That would be enough to make payments on a $100,000, 30-year, 6% mortgage ($600 a month), plus cover $200 a month in property taxes. So, with an additional $10,000 for a down payment and money for closing costs, you could buy a $110,000 house, townhouse, or condo — with no increase in monthly payments. Build Equity. Save Taxes.