Picked a fixer-upper over a move-in ready house, now I'm second guessing everything

Back in March I had to choose between a small house that needed a new roof and kitchen for $180k, or a similar sized house that was fully updated for $240k. I went with the fixer-upper because I thought I could save money and do the work myself over a few months. Well its now August and I'm still sleeping on an air mattress with a tarp over half the roof. The kitchen gut took way longer than I expected and I keep finding more problems like old wiring and a cracked foundation wall. Did I make the wrong call here or has anyone else survived a full reno on a tight timeline?

2 comments

2 Comments

nathanbennett12d ago

That $60k gap you thought you were saving is probably gone by now when you add up the roof, kitchen materials, and that foundation repair. The thing nobody mentioned is that a house sitting unfinished with a tarp on the roof actually loses value faster than you'd think, because buyers see it as a money pit not a deal. You might be better off getting a small loan to finish the critical fixes and then selling it even if you break even, rather than digging deeper into a house that's eating your time and savings.

sethc1212d ago

I just read a post from a contractor on another forum who said most first time fixer-upper people end up spending 20 percent more than they planned and take twice as long. Sounds like you're right on track with that. You probably made the wrong call if you thought a few months would do it, but that doesn't mean you're totally screwed. A cracked foundation wall is the kind of thing that would make me really nervous, like that's not a DIY weekend project. The real question is can you still sell it for what you owe or are you in too deep now?

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