Is $20k enough to fix up a house for sale?
I’d like to get a fixer upper. I’ve been an electrician for 10 years and I know light carpentry. I have the money for a down payment and closing costs, but how much do fixer upper tend to cost? Will $20k cover repairs? What type of repairs should I focus on when buying a fixer upper?
- SimplytheFACTSLv 76 months agoFavourite answer
not an actual fixer upper..a cheap bathroom will be about 10K, kitchen another 10K minimum...and there will be many other repairs...you will save some doing the electric yourself, but you really are taking risks handling the other work on your own....in the US, you typically need permits to do major work such as updating plumbing, moving walls, etc..and need to know those building codes...it will be very expensive if you miss something
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- car253Lv 76 months ago
Each home is different. Bad idea to flip homes right now.
- Anonymous6 months ago
You are in the field and you are asking strangers?
In my area, flippers spend a lot more than $20k to make them nice. Im guessing $30-45k from the dozen Ive seen.(from driving by and looking at public records like what they paid, what they sold it for and many of them have new roofs, new AC and new kitchen & bathrooms.
But if you are talking about a $30k shack, $20k can make a big difference.
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- ?Lv 56 months ago
Believe it or not, the driveway, that's what most people see first. Hope that helps.
- Raymond L.Lv 56 months ago
Oh my that s a real loaded question.
lets take a 1100 square foot house, you could probably paint it inside and out, Put new carpet in it. Do some minor plumbing and electrical work, Do some minor siding and drywall repair. replace the gutters. do some minor landscaping.
Maybe put a new front or back door on. put a new stove and refrigerator in
i think ive come to about $20,000 by now.
- Christin KLv 76 months ago
The question can't really be answered with so little information. You don't say where you are--you don't say what you WANT other than a "fixer upper." There are so many varieties of fixer-uppers you can't pinpoint any one cost or average unless there's a lot more info.
Here's an example: I paid cash for my house, which cost me $18K. It was without plumbing, had substandard electric, needed a new furnace and a side door custom-made to fit a non-standard opening. Otherwise, it was totally livable. The windows were good--the foundation fine, no structural damages. I put all new electric in, a new furnace (which included new chimney liner) and all new plumbing. That cost me another 22K on top of what I paid. Then over the last 6 years, I've had MORE new windows put in, electric run outside to the patio and garage, and had my hardwood floors refinished. I've installed a modern shower. I've painted inside and out. Had two new doors--front and back put in, sided the garage, installed new gutters.
I'm completely happy with my repairs and my upgrades--and my house went from a vacant foreclosure without basic services to one that is now worth nearly $100K.
I live in NE Ohio. If I had had to replace the roof--which was okay--that would have been another $10-12K on top of what I originally spent. So you can see somewhat how much you're going to be spending--and depending on what you pay for the ORIGINAL house, and how much work needs to be done, you can figure the costs estimates from my example--maybe. Like I said, it really depends on where you live, and what you want the house to be like when its done.
The only advice I can give you is to buy a house that has "good bones." Sometimes a 'shell' of a house is fine. You're the electrician--so you'll save a lot there. You presumably can drywall--and replace doors--and cabinet fronts--and minor (or even major?) projects like that. Have the house thoroughly inspected before buying--because if I hadn't, I would have been flying blind. MAke sure there's no mold, asbestos where you can see your ductwork, or termites. Make sure your foundation is good. Look around until you find one you can buy for cash--because it's great not having a mortgage.
Everything else you can probably handle. You want to make sure you put in the services--gas, electric, plumbing and heat FIRST. Then focus on your windows and doors. Everything else is pretty much cosmetic. Good luck.
- SlumlordLv 76 months ago
It is for some places and if you can do all or even most of the work, then it should be fine for lots of places. Just find the right one and figure out your repairs costs carefully and you should be ok.
- yLv 76 months ago
I did a bunch of work in my home, that I had already owned for 15 years, about 5 years back. Just cosmetic work inside basically. Did the work myself, materials where in the 25 thou range alone. If you have structural or serious crap, it could easily get much higher then that. Take the new green deal and what it wants all households to do just as far insulation and such, pricing just that pieces out for my home would run 40 thou easily.
- Anonymous6 months ago
That all depends on the condition of the particular house.