Gut Rehab? How Much Should You REALLY Spend On Updating Your Fixer Upper?

[@blujeans9462]

As executor, I sold a house in that category. I knew it needed everything. But the location was ideal. I planned to buy it if we only got low, flipper offers - with a $100k budget for renovations - but then to live in it as my forever home - since it held so many memories for the family. We did nothing but get everything out and have a cleaning company 'do the best that they could' in about 4 hours. The photos made the place look like a gem - lol! It generated a revolving door of showings in the first 4 days - my notifications were going crazy on my phone. Got 6 offers by that weekend - at outrageous amounts (I couldn't compete and would never spend that much for it even if I had the money). I put my house on the market (about 25 miles away), 3 weeks after that closing - with no repairs needed: crickets. Lol!

[@KatiSpaniak]

It’s crazy the market!!! Thanks for sharing!

[@JohnSmith-zi9or]

You are really helping people with your information. I recently had a kitchen flood which required me to replace a hardwood floor that ran throughout most of the house except two bedrooms. Nightmare. I never would have put this much money into the home as it would have sold as is but now, if I stay I have a lovely home. If I sell the home is pretty much move in ready. Thank you.

[@KatiSpaniak]

Thank you so much for this comment! It means a lot to know this is helping people!

[@amanacatandhisdog8836]

Lots of fixer uppers here being sold in Waco home of that fixer upper show. My home was basically surface shine when we were about to buy about fully remodeled. However we had a good realtor who go the electric fixed and a portion of the roof. The hvac an everything else was good the foundation was rehabbed

[@amanacatandhisdog8836]

Wasn’t a flip here but remodeled to sell before sellers divorced. Some homes here that are billed as fixer upper are in the 55 to 165K range.

[@kenbagwell8551]

Thanks. Very, very good stuff here.

[@KatiSpaniak]

You are welcome!

[@lanialost1320]

Hi Kati, I think the estimates you've made for that flipped home's rehab are generous -- flippers in our area of the Northeast never spend that much even when listing for $1M plus. I've seen homes where they paint over dark stained baseboards, and the paint barely adheres -- also the baseboards are always spec builder-grade, merely 2.5" - 3" high, which always looks cheesy. Wood floors get put in butted up to existing baseboards with no expansion gap and no quarter round, instead of removal of the baseboard in readiness for flooring installation. So, in other words it's cosmetic fakery that does not hold up.

[@rickdejean4649]

Great info!

[@KatiSpaniak]

Glad it was helpful!

[@comment5884]

Question: A house for about $160k has 2 1-stall detached garages. Is it worth insulating them and drywall without mudding drywall before selling?

[@KatiSpaniak]

Probably not unless you want them like that. You won’t get a return

[@pxn748]

We just bought a house built in 1980. There was about 10 of the exact same houses for sale when we bought it, my husband really wanted the shiny pretty one until we started really looking at it. Cheaply done and poor workmanship.

[@magdyelsayed9725]

“Fake it” 🤔