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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14042 N 92nd Avenue Peoria, AZ 85381

$458,900

3 Beds

2 Baths

2,038 SqFt

Status Active

MLS # 6685815

Property Type Single Family Residence

Price Type --

Beautiful home with very little maintenance. Freshly Painted inside and out. New carpet. New kitchen sink and dishwasher and Microwave. The countertops in the Kitchen resurfaced. Inviting fireplace in the family room. Bonus room between two Bedrooms. Could be an office, or playroom. Basketball playcourt in the back. Beautiful fenced pool. Prime location, close to P83, and has amazing restaurants. Sports Facilities. Medical Facilities, and Great schools. Local to Westgate, State Farm Stadium, Spring training, Peoria Sports Complex. Arrowhead Shoping mall. Rio Vista Community Park along with hiking and bike paths. For fun in the sun, boating and water crafts Lake Pleasant is 10 miles away! Very Desirable and sought out Neighborhood. This home will go fast, dont miss out !

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10097 S Vaquero Lane Hereford, AZ 85615

$458,719

3 Beds

2 Baths

2,051 SqFt

Status Active

MLS # 6612437

Property Type Single Family Residence

Price Type --

Stunning mountain and valley views from this 3bed+/2bath 2051sqft home in the popular Kings Ranch community. Lots of natural light in the open concept kitchen complete with white painted cabinetry, quartz countertops, stainless steel appliances, and tile backsplash. Wood look tile throughout living areas with upgraded carpet in the bedrooms. Plumbed for soft water & tub sink in garage, can lighting throughout, and prepped for landscaping irrigation w/ timer. Energy Star and Environments for Living Certified home.

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25528 N 160 Lane Surprise, AZ 85387

$458,590

4 Beds

3 Baths

2,049 SqFt

Status Active

MLS # 6669076

Property Type Single Family Residence

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Brand new, energy-efficient home available by Mar 2024! Large great room and dining space. The kids can create their own play space in the included flex space. White cabinets with white granite countertops, modern gray tile flooring with greyish brown carpet in our Distinct package. Come tour our five brand-new models at Paloma Creek. Envision your next chapter by experiencing the exclusive amenities including a clubhouse, pool, and future fitness center. Pick from a variety of floorplans featuring walk-in closets and flex spaces. Each energy-efficient home comes standard with features that allow your whole family to live better and breathe easier too.* Visit Paloma Creek today. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings.

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8219 E Mcdonald Drive Scottsdale, AZ 85250

$458,500

2 Beds

2 Baths

1,248 SqFt

Status Active

MLS # 6641453

Property Type Townhouse

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Stunning full industrial modern townhome renovation! No expense spared on this one. Brand new kitchen with ceiling raised to 8'. Shower added to convert to 2 full bathrooms. Laundry moved upstairs. Polished concrete flooring on 1st floor with exposed CMU block wall. LED accent strip lighting throughout. WIFI light switches so you can control your lighting from your devices. The backyard was also updated. New wood fencing to create a warm ambiance, along with new cacti and rocks against a black accent wall. This home will not disappoint!

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