Thinking about a ‘Fixer Upper’? Understanding the Balance Between Purchase and Reno Costs

Fixer uppers can come with huge price benefits and opportunity, as well as problems. Make sure you understand what you’re getting yourself into before you purchase a home that needs significant restoration.

Carefully Calculate

Do the math very carefully before jumping in. Add up the expected renovation costs based on a thorough evaluation of the property. As some of the expected costs will lie within a grey area, it is important that you base your estimation on the higher end of the price range. Be sure to account for all materials and labor.

Once you have calculated your expected renovation costs, subtract this number from the home’s projected post-renovation market value. It is important that you base this projection on comparable listings in the same neighborhood. Consulting a real estate professional can offer very valuable assistance with this step.

To be conservative, deduct at least another 10 percent for any unforeseen costs, mistakes, or issues that arise. That final number should be the highest offer you make on the property.

Work With The Right Team

When looking for a fixer upper that is a sound investment, make sure that you have a solid team of professionals to work with. Choose a real estate agent who is familiar with the area and type of property that you are interested in, and make sure that all laborers you hire are not only competent to deal with the problems that you’ll face during renos, but who won’t cut corners. Aesthetically appealing housing don’t always pass inspections – it’s important to make sure that the property is fit for sale or it may never close at your asking price.

Aesthetic Problems Are The Best Problems

If you’ve managed to find a home that’s in great condition but is visually unappealing, you may have found yourself an excellent fixer upper. Ugly carpet, old appliances, and tacky wallpaper are easy fixes that won’t eat up much of your budget or your time.

Asbestos, leaky water lines, a cracked foundation, or a rotted frame are examples of more significant issues that will require the help of a professional. Be wary when investing in a property that has one or several of these problems, as they are the kind of issues that snowball into larger costs and a longer timeline for repairs.

Ready to find a great fixer upper and tackle it as your next investment? Give me a call!  J.P. Cook – 602-320-4253.

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1243 E Princeton Avenue Gilbert, AZ 85234

$459,900

3 Beds

2 Baths

1,410 SqFt

Status Active

MLS # 6671087

Property Type Single Family Residence

Price Type --

Gorgeously updated 3 bedroom/2 bathroom home in desirable subdivision close to downtown Gilbert! NO HOA!! Newer tile, newer paint, refinished cabinets & refinished countertops, with newer fixtures throughout. Light and bright with vaulted ceilings. All appliances including washer & dryer. Large ''blank slate'' backyard oasis with mature trees, desert landscaping, pavers. Homes in this adorable community go quickly! Close to Downtown Gilbert, Gilbert Elementary, the 60 freeway, and Gilbert Freestone Park. Don't miss this home!!!

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15243 W Verde Lane Goodyear, AZ 85395

$459,900

3 Beds

2 Baths

1,445 SqFt

Status Active

MLS # 6674200

Property Type Single Family Residence

Price Type --

THIS IS ONE AMAZING COMPLETELY REMODELED AUGUSTA MODEL 3 BD / 2 BA! Grey Porcelain Tile Throughout With Coordinating Grey Carpet In 2 Bedrooms! Two Baths Remodeled With New Tile Flooring, Granite Countertops, Cabinetry, Lighting, Custom Tile Shower Surrounds, Shower Doors, & New Mirrors! The Showers Are Beautifully Done With Custom Tile Designs! New Floor To Ceiling Cabinetry In The Hallway! Beautifully Remodeled Kitchen With Newer Stainless Appliances, Granite Countertops, Ceramic Tile Backsplash, & New Lighting! Wood Shutters In All The Right Places! The Backyard Is An Oasis In The Sun With Beautiful Palm Trees, Large Pergola Over An Extended Travertine Patio, & Exterior Lighting Just Where You Need It! Located In The Scottsdale Of The West Pebble Creek Golf/Pickleball Resort Community! All This Located In The Scottsdale Of The West ... Pebble Creek Resort Community!! Offering 3 18-Hole Golf Courses, 40+ Pickleball & Tennis Courts, 3 Outdoor & 1 Indoor Pool, Theatre, Art Center, & So Much More!

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3917 W Juniper Avenue Phoenix, AZ 85053

$459,900

4 Beds

2 Baths

1,966 SqFt

Status Active

MLS # 6674614

Property Type Single Family Residence

Price Type --

Updated and move in ready! This Centrally located home is near downtown, Airport, restaurants, shopping, I-17 and 101 Freeways. This is a 4-bed, 2-bath residence with large lot and a pool. The living room boasts vaulted ceilings with exposed beams and a cozy fireplace, creating an inviting ambiance for relaxation. You'll also find a family room for intimate gatherings. The eat-in kitchen has ample counter space, flat-panel cabinets, matching appliances, and a peninsula with a breakfast bar for quick meals. The main bedroom includes a private bathroom for added comfort. New large ceramic tile throughout the home, Fresh paint inside and out, new carpet, replastered pool and new pool equipment and new updated fixtures. Lots of space for RV gate on both sides of home and NO HOA. Discover a backyard with a nice covered patio providing shade and relaxation, leading to a pristine pool - the perfect spot for summer fun and good yard space left over for entertaining. This value won't disappoint!

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4614 N 124th Avenue Avondale, AZ 85392

$459,900

4 Beds

2.5 Baths

2,052 SqFt

Status Active

MLS # 6687478

Property Type Single Family Residence

Price Type --

Welcome Home! Beautiful desert landscaping & inviting front porch. Bright front room w/ mosaic tile entry & neutral color palette. Chef's kitchen features all stainless appliances + large island w/ granite counter tops. Open kitchen/dining/family room. Don't miss the large custom pantry utilizing the space under the stairs. All bedrooms are upstairs. The primary bedroom is HUGE & features a great walk-in closet + updated bathroom w/ separate tiled shower & garden tub. Ceiling fans throughout. Guest bath remodeled w/ tile surround. Custom shutters throughout. Visit the large quiet back yard through the French doors onto the covered patio. Virtually maintenance free w/ synthetic turf, pavers & desert landscaping in 2021. Producing citrus trees, too. (naval, blood & Valencia oranges) Extras in this home include: all tile downstairs, 2018 lifetime warranty water softener & reverse osmosis, 2023 water heater, 2023 exterior paint, 2018 a/c with touch screen smart thermostat, 2022 new carpet, sunscreens, new gate slats, 6 panel doors, 3 drip lines to back yard, epoxy garage with EV charging capabilities, UV attic light in 2020, smart irrigation system +++. Close to schools, shopping, freeway access and more! This one is neat and clean as a pin. Don't wait.

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