What’s Your Budget for a Fixer-Upper?

What’s Your Budget for a Fixer-Upper?

The biggest factors when deciding whether or not to buy a fixer-upper.

Today I’ll share my thoughts on a common question that I get asked: “Should I buy a fixer-upper or should I buy something that’s already fixed up?” The answer depends on the individual and what resources they have.

The first question you need to answer is: What is your budget? The difference between the out-of-pocket expenses for a newer home versus a fixer-upper is relatively small, usually around $20,000. However, the out-of-pocket savings may be offset by the cost of upgrades you may have to make. If the roof, kitchen, or carpeting needs to be repaired or replaced, any one of those can make up that difference and still leave more to be fixed. When we are looking at those costs, that’s something we want to take into account.

“You could spend more money now to get better quality or spend less now and spend the money for repairs over time.”

You should also think about how long things will last. In this area, a lot of the homes are older and they are going to need repairs and replacements down the line. Things may be working just fine right now, but if you take into account that they will need to be replaced at some point, that may factor into your budget. You could spend more money now to get better quality or spend less now and plan to spend the money for repairs over time. The lifespan of roofing, flooring, decks, plumbing, and appliances are all factors that you want to think about as you’re going into this budgeting process.

We can help you with any questions and help find what makes sense for you. If you know somebody who is thinking about making that move, please feel free to forward and share this with them. We’d be happy to help them.  You can reach us at 562-316-2915 or melindaelmerteam.com.

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