What Should I Know About Buying a Fixer-Upper
- By Jim Blackburn
- on
- 100 first time home buyer FAQs
1. Budget Realistically for Repairs and Renovations
It’s easy to underestimate how quickly renovation costs can add up. Even cosmetic changes like paint and flooring can run thousands—and bigger repairs like plumbing, roofing, or foundation work can blow the budget fast.
Before making an offer, get contractor quotes and set aside a buffer for unexpected issues. The “cheap house” isn’t so cheap if you’re constantly pouring money into it.
2. Be Honest About the Time and Effort You Can Commit
Fixer-uppers aren’t just financial investments—they’re time investments too.
Are you handy enough to DIY some projects? Do you have the time, energy, or budget to hire contractors? Renovations can take weeks or months, and delays are common. Make sure you’re ready for dust, downtime, and weekend projects.
3. Know the ROI Before You Renovate
Not all upgrades offer the same return on investment. Talk to a real estate agent or appraiser about what improvements are worth it in your market. The goal is to make updates that will add real value to the property, especially if you plan to sell in a few years.
In some cases, buying a move-in ready home might actually be the smarter long-term play.
Thinking About Buying a Fixer-Upper? Let’s Build a Smart Plan
Download our free “First-Time Buyer Game Plan” eBook — includes a fixer-upper cost calculator and ROI worksheet
Chat live now to ask about renovation loans and financing options
Schedule a call with a Stairway Mortgage advisor to explore loan programs like FHA 203(k) and how to qualify
At Stairway Mortgage, we help buyers turn vision into value—
because the right fixer-upper should build equity, not just headaches.
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