• Real Estate Professionals
  • Service Providers
First American Home Warranty
  • Request Service
  • Sign In
  • 888.875.0533
  • Get a Quote
  • Menu
Request Service Sign In

Homeowner

  • Overview
  • Why Buy a Home Warranty
  • What's Covered
  • How to Request Service
  • Home Warranty Reviews
  • Get a Quote
  • Home Appliance Warranty Coverage
  • Budget Protection
  • What is a Home Warranty?

Service Provider

  • Overview
  • Why Join Our Team
  • Home Warranty Network 101
  • Service Provider Testimonials
  • Service Provider Application

Real Estate Professional

  • Overview
  • Why Choose First American
  • Sample Coverage
  • Locate Your Area Manager
  • CRES Home Warranty
  • Real Estate Testimonials
  • Marketing Materials

Resources

  • About Us
  • Blog
  • Contact Us
  • Case Studies and Testimonials
  • Frequently Asked Questions
  • Home Maintenance Tips
Menu

Sign In / Register

  • Email Address is required.
  • Password is required.
Register Forgot Password
Request Service Sign In
  • Blog Home
  • Budget Smart
  • Home Care
  • Home Maintenance
  • Home Warranty
  • Homeowner Tips
  • Lifestyle
  • Real Estate
  • Archives
Is Buying a Fixer-Upper for You?
Real Estate

Is Buying a Fixer-Upper for You?

Buying a fixer-upper isn’t for everyone, but if you have patience, vision, and a good real estate agent to guide you, it might be an option for you. The term “fixer-upper” can mean different things to different people. Can you see past a saggy roof, peeling paint, and a rotten deck? Or is your idea of fixing up a house updating a kitchen or remodeling a bathroom? Maybe you want a house that only needs minor repairs or cosmetic updates, such as floors, paint, or landscaping. Here are some things to think about when looking at potential fixer-uppers.

1. How long will you be in the home?

How long you’re going to live in your new home can help you determine how much you should invest in fixing it up. If you’re only going to live there a couple of years, you probably want to avoid moving walls or adding rooms. But if it’s your dream home, or a home you plan to be in for a while, then taking on more, and spending more, might make sense.

2. What are you willing to take on?

Having a roof replaced, updating an ugly kitchen, or redoing an outdated bathroom are fairly straightforward projects, but problems with the foundation or structure can get extremely expensive. You’ll also want to think twice before dealing with mold – it can be dangerous, as well as very difficult, sometimes impossible, to get rid of mold completely. Older homes can have their own hidden challenges too – especially when you start opening up walls. This can expose electrical or plumbing issues as well as rotting wood.

renovate3. What can you do yourself?

Be realistic about your skills. Are you fairly handy and comfortable with home projects? Do you feel comfortable painting a room? Maybe you would rather hire someone to do everything. Knowing what you can and are willing to do is important.

4. How much do you have to spend?

Sticking to a budget can be one of the hardest things about renovating or remodeling, but being realistic about what you can afford can help you avoid a lot of stress and headache. For most houses, kitchens and bathrooms are where most of your remodeling dollars go. Before you decide to redo an entire room, take a look and see if there is anything you can save. Maybe the layout is good and the cabinets just need refacing or painting.

5. What is it going to cost?

A fixer-upper can be very appealing if you can get it for a good price. But what looks like a good value at first glance could be a money pit if you don’t know what you’re really dealing with. Get realistic estimates from one or more contractors before you make an offer. And don’t forget the hidden costs that invariably crop up on all fixer uppers: add 10% to 20% to cover unforeseen costs. Most people underestimate the amount of work and what it will cost to remodel or renovate a house. Talk to someone who has done a remodel and you’re probably never going to hear “it was so fast!” or “it cost less than we thought.” The stress of a remodel is another “cost” you should probably factor in. Still think you want to take on a fixer upper? Your real estate agent should be able to help you navigate some of the ins and outs of taking on a fixer upper. They’ll be able to help you determine what is a good value for your market, and what remodeling projects make sense for you, depending on how long you plan to stay in the house. Your agent should also be able to suggest reputable contractors.

This article is about...
  • Buying a home
  • First-time home buyers
  • Home repair
  • Real estate strategies
Buying a First Home? How to Know When You're Ready
Real Estate

Buying a First Home? How to Know When You're Ready

Is Winter the Best Time to Buy a House?
Real Estate

Is Winter the Best Time to Buy a House?

Buying a House? 10 Steps for New Home Buyers
Real Estate

Buying a House? 10 Steps for New Home Buyers

Buying a home

Buying a Home?

It's time to select your home warranty plan!

You qualify for our special pricing and expanded coverage as part of your home purchase, or you can order your plan for up to 60 days after you close.

Get a Quote Today

This website uses cookies and similar technologies to manage your sessions, manage content, and improve your website experience. To learn more about these technologies, your options, and about other categories of personal information we collect through this website and how we may use it, please see our privacy policy. This notice is effective for your use of this website for the next 14 days.

  • Home
  • Blog
  • Contact
  • Accessibility
  • Terms of Use
  • Privacy
  • Sitemap
© 2023 First American Home Warranty Corporation and its licensed subsidiaries. All rights reserved.