🛠 Should You Buy a Fixer-Upper? The Truth About Renovation Homes 🔨

There’s something exciting about the idea of taking an outdated home and transforming it into your dream space. But is buying a fixer-upper really the smart move?

While HGTV makes it look easy, the reality is often far more complicated. Before you dive into the world of renovations, let’s break down the pros, cons, and real costs of buying a home that needs work.

✨ The Appeal of a Fixer-Upper

You’ve seen the listings—homes in great neighbourhoods with lower price tags, just waiting for some TLC. The potential is undeniable:

✅ Lower Purchase Price – Fixer-uppers usually cost 10–20% less than move-in-ready homes.
✅ Less Competition – Many buyers want turnkey homes, meaning fewer bidding wars on properties that need work.
✅ Customization – You can design the home exactly how you want instead of settling for someone else’s style.
✅ Increased Value – A well-planned renovation can significantly boost your home’s resale price.

Sounds like a great deal, right?
Well… not so fast.

💸 The Reality Check — How Much Will It Really Cost?

The biggest mistake buyers make? Underestimating renovation costs.

🔹 Cosmetic Fixes (paint, flooring, fixtures): $10,000 – $30,000
🔹 Kitchen Remodel: $25,000 – $50,000+
🔹 Bathroom Remodel: $10,000 – $30,000
🔹 Structural Issues (roof, electrical, plumbing, foundation): $50,000+

Renovation costs add up fast—and if you’re not prepared, your “affordable” fixer-upper can quickly turn into a money pit.

🏚 Real Talk: 70% of renovation projects go over budget.
Do you have the financial cushion to handle surprises?

🚧 The Hidden Risks of Buying a Fixer-Upper

Beyond just renovation costs, these homes can bring unexpected challenges:

🚧 Time & Stress – Even small renos take longer than expected. Are you ready to live in a construction zone?
🚧 Unexpected Problems – Older homes often hide issues like mold, outdated wiring, or foundation cracks.
🚧 Financing Challenges – Some lenders won’t approve mortgages on homes needing major repairs.

💡 Pro Tip: Always get a thorough home inspection before buying. And if you’re taking on major renovations, a contractor’s estimate is non-negotiable.

🏗 When a Fixer-Upper Is a Good Investment

A fixer-upper can be a smart move—if you go in with a solid plan. It’s worth considering if:

✔️ The location is excellent (you can change a house, not its neighbourhood).
✔️ You have renovation experience or a trusted contractor.
✔️ You budget 20–30% extra for unexpected costs.
✔️ You have the time to manage delays and decisions.

If those boxes are checked ✅, a fixer-upper could be your ticket to instant equity and long-term value.

🏡 The Final Take: Should You Buy a Fixer-Upper?

It depends.

If you’re financially prepared, have the right team, and are ready for the process, a fixer-upper can be a great investment.

But if you’re on a tight budget or need a move-in-ready home, it might be best to keep looking.

💬 Thinking of buying a fixer-upper?
Let’s run the numbers and see if it’s the right move for you.
#YourMoveElevated