Question about choosing between a fixer-upper and a move-in ready condo

My partner and I were looking at two places in our budget last month, a 1970s ranch in the Oakwood area that needed a new roof and kitchen, or a small but updated condo downtown for the same price. We went with the condo because the inspection on the house showed the roof would cost $12,000 to replace right away. It's tight on space, but not having a huge repair bill right after closing has been a huge relief. For those who picked the fixer-upper, how did you budget for the first year of repairs?

3 comments

3 Comments

joseph_murray819d ago

That "huge relief" you feel is the whole point. We bought a fixer and the hidden costs are brutal. How do you even start saving for the next surprise?

robert_rodriguez6619d ago

My buddy in Phoenix just finished his place and doubled his money. The stress is part of the math, you gotta see it as an investment.

logan6323d ago

Yeah, the hidden costs are no joke. We had a similar thing with our place, the inspector missed a whole plumbing issue. That first year was just one surprise bill after another.