Debate with my cousin about whether you should buy fixer-uppers or move-in ready places

My cousin Mike in Phoenix just bought a 1980s fixer-upper for $180k and says it's the only way to get a decent house in this market. I've always leaned toward move-in ready because I hate dealing with surprise plumbing issues after two weeks. But he showed me his spreadsheet last weekend - he figures his total cost will be $210k including all the work, and similar move-in homes around him sell for $250k+. What do you all think - is the headache worth the savings on a fixer-upper in 2024?

2 comments

2 Comments

robert_roberts10d ago

Are you handy at all? My buddy Dave bought a fixer in Detroit a couple years back, and he's still living in a construction zone (his words, not mine). He saved like $40k on paper, but he's been sleeping on a futon for 18 months while he slowly redoes the bathroom. The water heater died in month three, and he had to borrow money from his dad to replace it. Meanwhile, my other friend Sarah bought a move-in ready condo, paid $20k more, but she's been sipping wine on her front porch every night since day one. I guess it depends how much you like drywall dust in your coffee.

olivia_hernandez10d ago

Right, because nothing says "home sweet home" like a perpetual camping trip indoors.