Thinking about a ‘Fixer Upper’? Understanding the Balance Between Purchase and Reno Costs

Thinking about a 'Fixer Upper'? Understanding the Balance Between Purchase and Reno CostsFixer uppers can come with huge price benefits and opportunity, as well as problems. Make sure you understand what you’re getting yourself into before you purchase a home that needs significant restoration.

Carefully Calculate

Do the math very carefully before jumping in. Add up the expected renovation costs based on a thorough evaluation of the property. As some of the expected costs will lie within a grey area, it is important that you base your estimation on the higher end of the price range. Be sure to account for all materials and labor.

Once you have calculated your expected renovation costs, subtract this number from the home’s projected post-renovation market value. It is important that you base this projection on comparable listings in the same neighborhood. Consulting a real estate professional can offer very valuable assistance with this step.

To be conservative, deduct at least another 10 percent for any unforeseen costs, mistakes, or issues that arise. That final number should be the highest offer you make on the property.

Work With The Right Team

When looking for a fixer upper that is a sound investment, make sure that you have a solid team of professionals to work with. Choose a real estate agent who is familiar with the area and type of property that you are interested in, and make sure that all laborers you hire are not only competent to deal with the problems that you’ll face during renos, but who won’t cut corners. Aesthetically appealing housing don’t always pass inspections – it’s important to make sure that the property is fit for sale or it may never close at your asking price.

Aesthetic Problems Are The Best Problems

If you’ve managed to find a home that’s in great condition but is visually unappealing, you may have found yourself an excellent fixer upper. Ugly carpet, old appliances, and tacky wallpaper are easy fixes that won’t eat up much of your budget or your time.

Asbestos, leaky water lines, a cracked foundation, or a rotted frame are examples of more significant issues that will require the help of a professional. Be wary when investing in a property that has one or several of these problems, as they are the kind of issues that snowball into larger costs and a longer timeline for repairs.

Ready to find a great fixer upper and tackle it as your next investment? Give me a call!  J.P. Cook – 602-320-4253.

Click Here to See What Your Home is Worth

42016 N 54th Street Cave Creek, AZ 85331

$3,600,000
4 Beds
4.5 Baths
4,000 SqFt
Status Active
MLS # 6657847
Property Type Single Family Residence
Price Type --
Luxurious and spacious home with stunning mountain views. This to-be-built home will offer four bedrooms, 4.5 bathrooms, and 4000 sqft of living space on a 2.5-acre lot. The home will have a north/south exposure, a formal dining area, a great room, a private pool, and a three-car garage. The home will also have no HOA fees, giving you more freedom and flexibility. This is a perfect opportunity to own a custom and elegant home in a scenic and convenient location!

3818 E Brown Road Mesa, AZ 85205

$3,600,000
5 Beds
5 Baths
8,460 SqFt
Status Active
MLS # 6752634
Property Type Single Family Residence
Price Type --
Discover the epitome of luxury living at 3818 East Brown Road, Mesa, AZ. This rare, gated, 4-plus acre equestrian estate is a dream come true for horse enthusiasts and those seeking an unparalleled lifestyle. Nestled in the heart of northeast Mesa, this single-level, custom-built Amberwood home spans 8460 square feet (Main House is 6836sf, guest house is 576sf, guest house basement is 1048sf) and offers an array of exceptional features. The property boasts a 4-stall barn, two tack/feed rooms, a wash rack, and an arena, making it perfect for equestrian activities. Inside, you'll find 4 spacious bedrooms, including 2 primary suites, and 4 well-appointed bathrooms. The home is designed for both comfort and elegance, featuring... formal living, dining, and family room with wet bar, a large office with wet bar, a gym, and a game room with wet bar. Car enthusiasts will appreciate the attached and detached garages that can accommodate up to 10 cars, with 6 garage spaces equipped with A/C. The outdoor amenities are equally impressive, with an amazing custom pool and patio seating, a covered patio with a fireplace, and an outdoor ramada complete with a fireplace and kitchen. The guest house/casita offers additional living space with 1 bedroom, 1 bathroom, a kitchen, and a basement that includes an exercise room and a shooting/archery range. The expansive lot is beautifully landscaped with large front and back lawns, numerous citrus trees, and mature palm trees, creating a serene and picturesque environment. Conveniently located close to the 202 freeway, residents enjoy easy access to all parts of the Phoenix metro area, including PHX Sky Harbor. The property is an ideal choice for families. For recreation, the Mesa Tennis & Pickleball Center at Gene Autry Park are just a short drive away. This home offers the perfect blend of convenience and luxury. This estate is not just a residence but a lifestyle choice for those seeking the best in Mesa living. Don't miss out on this extraordinary opportunity to own a piece of paradise in one of Mesa's most sought-after locations.

4514 E Pebble Ridge Road Paradise Valley, AZ 85253

$3,600,000 - 5Br/5Ba -  for Sale in Pebble Ridge, Paradise Valley
Open House
$3,600,000
5 Beds
4.5 Baths
5,190 SqFt
Status Active
MLS # 6703586
Property Type Single Family Residence
Price Type --
Love Paradise Valley but want an updated home? Remodeled down to the studs in 2019/2020, this home offers updated kitchen, baths, flooring, and even new plumbing. Views of Camelback Mountain are visible the minute you enter, and from the entire rear of the property, inside and out. Warm wood floors welcome you into the home and a cozy bar is set in the corner of the living room with brass shelving supports, and both verage and dual zone wine coolers. Beamed Ceilings give a nod to the history of this contemporary style home, allowing any style of décor to blend. The first of three fireplaces graces the living room, which is open to the dining area. A very spacious family room is just steps away with it's own fireplace. With an opening to the Living/Dining areas, this floorplan is wonderful for entertaining. The Kitchen has a fresh feel with white cabinetry, Quartz countertops, with contrasting black and brass elements. A central island, induction Bosch rangetop, Sub Zero Refrigerator and Ovens, Microwave drawer and walk in Pantry provide an abundance of storage and top of the line appliances for culinary adventures. One of five bedrooms is just off the Living Room and would be a great space for an office. An adjacent bath with shower allows it be whatever works for you. The powder room sports a sophisticated feel with black millwork accented walls, black and white marble Hexagon floor tile, and brass accents. The powder room is also accessible from the rear open space of the property. The Primary Suite is a dream. Large enough to include a separate seating area, customized closets, and patio access, this room is secluded from the other bedrooms. The Primary Bath is well designed with marble and porcelain tile accents, a large walk-in shower, separate vanities and a soaking tub and fireplace. The remaining three bedrooms are spacious, the largest with an en-suite bath. Another bath is shared by the last two bedrooms. One of the family's favorite spots is the large media room. There is more than enough space for this to be a playroom and study area, in addition to the media area. The laundry is large, with extra cabinetry and a drop zone just off the 2 car garage. Outside, a raised patio keeps the views available, and overlooks the pool area. A large low maintenance turf lawn leads to the sports court. The batting cage in this area does not convey with the home.

10050 E Jopeda Lane Scottsdale, AZ 85255

$3,599,000 - 4Br/5Ba -  for Sale in Sonoran Highlands Phase 1, Scottsdale
Open House
$3,599,000
4 Beds
4.5 Baths
5,040 SqFt
Status Active
MLS # 6759938
Property Type Single Family Residence
Price Type --
Skyfire is a one-of-a-kind architectural gem nestled on a private 2.7 acre North/South cul-de-sac in Scottsdale's McDowell Mountain foothills, designed by renowned architect Vernon Swaback as his personal residence. All main systems have been upgraded, plus new systems including solar power, EV chargers, home automation, upgraded security system, and commercial-grade Wi-Fi network. Mid-century-inspired retreat offers clean lines, vaulted exposed wood ceilings, polished concrete floors, built-in cabinetry, cove and gallery lighting, blending organic design with modern luxury. Main home features three bed, four bath, Valley Room and spectacular fireplace, executive office with views, gourmet kitchen, media room, and entertainment loft. Private guest house offers a full kitchen and bath, fireplace and outdoor patio. This distinguished estate sits on an elevated lot with multiple outdoor entertainment spaces offering a tranquil infinity-edge pool and spa and expansive, unobstructed city and mountain views. Four car garage with motor court and extra storage is perfect for car enthusiast and entertainer. Minutes from world-class dining, hiking, golf, and Scottsdale Executive Airport, Skyfire is the ultimate sanctuary, combining sustainable luxury with architectural provenance.

24724 N 119th Place Scottsdale, AZ 85255

$3,595,000
4 Beds
4 Baths
3,800 SqFt
Status Active
MLS # 6685315
Property Type Single Family Residence
Price Type --
Spectacular 360* Mountain & Valley VIEWS! TRUE GOLFER'S PARADISE! Newly UPDATED CONTEMPORARY ESTATE in the Heart of Troon In North Scottsdale. Incredible location...Close to Shopping, Dining, fabulous hiking trails + so much more! Breathtaking yard with Putting green, large sparkling pool, lounging areas for sun / shade. Boasting Soaring Ceilings, this light & bright home with a ''sunny'' disposition has been thoughtfully designed sparing no expense.

10540 E Larkspur Drive Scottsdale, AZ 85259

$3,595,000
5 Beds
4 Baths
5,279 SqFt
Status Active
MLS # 6782200
Property Type Single Family Residence
Price Type --
Situated atop an elevated lot, refined soft contemporary finishes abound in this Cactus Corridor masterpiece. Elements of the original 1980s open concept give this home a special character the moment you step foot through the twelve foot front doors into the welcoming foyer. Tasteful light wood floors take you to the massive living room with soaring ceilings, multiple exits to the backyard and fireplace. The double island kitchen is a chef's dream with built-in refrigerators and a coffee bar. The dining area is fit for the grandest of gatherings and is highlighted by additional seating areas and/or play areas beyond. Outside, the backyard has all of the perks, with a massive diving pool, sport court, kitchen, fire pit and ample room to entertain.

5856 N 44th Street Phoenix, AZ 85018

$3,595,000
5 Beds
4.5 Baths
4,355 SqFt
Status Active
MLS # 6783567
Property Type Single Family Residence
Price Type --
Welcome to this stunning, fully renovated modern home that masterfully blends luxury with functionality. Boasting 4 spacious bedrooms, 4.5 baths, and a dedicated office, this home offers a perfect balance of comfort and style. The oversized master suite is a true retreat, featuring its own sitting area with views of the pool and backyard oasis. Step into the expansive great room, where 20-foot wide, 10-foot tall sliding glass doors open to breathtaking mountain views. A 16-foot tall fireplace anchors the room, creating an inviting focal point, while a sleek bar and wine wall add an extra touch of elegance. The design and finishes throughout are top-tier, showcasing high-end upgrades and modern details at every turn. The home is ideally situated just moments from Paradise Valley, Arcadia and Biltmore, offering the best of both privacy and convenience. The beautifully landscaped backyard is an entertainer's dream, complete with a sparkling pool, covered patio, built-in BBQ, and a putting green  perfect for relaxing or hosting gatherings. This extraordinary home offers the perfect combination of luxurious living, remarkable design, and an unbeatable location. Don't miss your chance to make it yours!

10040 E Happy Valley Road Unit 417 Scottsdale, AZ 85255

$3,595,000
4 Beds
5.5 Baths
6,370 SqFt
Status Active
MLS # 6711268
Property Type Single Family Residence
Price Type --
IMMEDIATE GOLF MEMBERSHIP AT CLOSE OF ESCROW! Situated on over 1.3 acres on a private cul-de-sac lot that offers the ultimate in privacy! Gated courtyard entry surrounded by the beautiful flora of the Sonoran Desert. Great room floorplan, private master suite, 3 guest bedrooms with ensuite baths, office, upstairs library/hobby room + bonus room with sweeping city light & mountain views. 24x24 travertine floors, wood beams, stacked stone & more. Gourmet kitchen with new top-of-the-line appliances, designed for the most discerning chef, features taj mahal quartzite countertops, knotty alder cabinets and adjacent breakfast room with fireplace. Private resort like backyard with beautiful mountain views as a backdrop, pebble tec pool and spa (see ''more'' remarks)... ... cooking station with new Napoleon gas grill, private side yard perfect for a garden or dog run. Exquisite landscape design by Trademark Landscaping. Desert Highlands, ranked as a top 100 club by Platinum Clubs of the World, offers world class amenities include a Jack Nicklaus championship golf course, 18-hole putting course, award winning clubhouse featuring Jack's Gastrupub and Jack's Backyard, Highlands Racquet Club offering grass and clay tennis courts + pickleball courts, state of the art fitness center & more. A $150,000 membership fee is due from buyer at close of escrow.

1502 E Treasure Cove Drive Gilbert, AZ 85234

$3,590,000
8 Beds
8 Baths
6,781 SqFt
Status Active
MLS # 6760150
Property Type Single Family Residence
Price Type --
Welcome to the rarest one-of-a-kind MASTERPIECE in prestigious GATED West Lake Estates! This unique estate is located on 2 waterfront lots with the most STUNNING expansive 240 degree views of the lake--and this exquisite ESTATE has recently been completed remodeled! Some unique features: over 6700 square feet of the finest luxury and superior quality finishes with 8 bedrooms and 8 baths, a large 3 car garage, an elevator, Gourmet Chef's Kitchen--both indoors and out--home theater, game room, 50 bottle wine room with humidor, impressive outdoor patio with a huge gazebo that has misting and heating, firepits, impressive 36,000 gallon salt water pool with swim up bar.. the views & outdoor living are like living in the finest 5 star resort! Click ''more'' for further Also included is the Val Vista Lakes Clubhouse which has: tennis courts, pickleball courts, raquetball courts, weight room, aerobic room, heated outdoor Olympic sized lap pool, beach pool with waterfalls, boat dock with boat and ballroom facility for private events! This is in a prime location--close to shopping, Dana Park which has some of the best restaurants and shopping in the Valley! It is a few minutes from the US-60 and Loop 202, close to Banner hospital and only about 25 minutes from the Sky Harbor Airport!

3500 E Lincoln Drive Unit 17 Phoenix, AZ 85018

$3,590,000 - 4Br/5Ba -  for Sale in Lincoln Hills, Phoenix
Open House
$3,590,000
4 Beds
5 Baths
5,345 SqFt
Status Active
MLS # 6780847
Property Type Single Family Residence
Price Type --
Sitting high above the city with amazing city and mountain views, this luxurious turn key home in the highly desired 24 hr. guard gated community of Lincoln Hills, offers a great location (adjacent to the AZ Biltmore and PV) and provides a serene retreat from the hustle and bustle of daily life. Live like you are on vacation every day with direct access to hiking trails and resort style community amenities: tennis/basketball court, heated pool and play park. This feature rich property with multiple designer upgrades has an open layout which connects the living, dining, and the newly remodeled kitchen ( 2022), creating an ideal space for indoor/outdoor living/entertaining or simply relaxing with loved ones. The split main floor owner's suite has a sitting area with cozy fireplace making it a sanctuary to unwind after a long day. The second master/multipurpose room (the only room upstairs) is a large (354 SF) versatile space for guests, multigenerational living, or an aide. It can also utilized as a second office, exercise room, second family/playroom or as a theater room. Step outside to your private oasis, where a covered deck and a heated pool await, offering the perfect setting for enjoying panoramic views and spectacular sunsets. This exceptional property is a must-see for buyers seeking a sophisticated, low-maintenance lifestyle in one of the most desirable communities in the area. Don't miss out and see it today! Additional Features: Premium, Unobstructed views. Located in the peaceful, elevated section of the community. New roof-2/24/23 w 5 yr warranty. Gorgeous New Kitchen with Deluxe Walk-In Pantry and Wet Bar. Walls of Windows and Skylights make the House Light and Bright. Every Bedroom is an Ensuite. Custom Cabinetry throughout the house, including the bedrooms, which allows them to also function as private offices. Three (3) elegant Gas Fireplaces which create focal points in the Owner's Suite, Living Room and Family Room and Warm and Welcoming Spaces. New Hot Water Heaters (2022) Sauna in Mstr Bath. Roof View Deck.

12651 S 71st Street Tempe, AZ 85287

$3,570,000
6 Beds
8 Baths
7,823 SqFt
Status Active
MLS # 6748395
Property Type Single Family Residence
Price Type --
WOW this DREAM compound offers LUXURIOUS living with spacious residences and TOP-NOTCH amenities and it's one of a kind!! The main house features impeccable finishes: a chef's kitchen, a butler's kitchen, large pantry, new flooring, vaulted ceilings with custom beam work and so much more. Over 174 photos uploaded for your review and enjoyment. Main house featured 4 large bedrooms each having private baths, formal and casual living spaces, and two private office spaces, it seems ideal for both family life and professional needs. The primary suite is particularly impressive, with dual vanities, toilet rooms, a multi-head shower, extensive built-in storage, and direct laundry access. The second residence adds a recreational dimension with indoor basketball and pickleball courts, along with along with a guesthouse or man cave that includes a full kitchen, TV room, and extra beds. The outdoor area is designed for entertaining, and with a large courtyard patio, 4 car garages, additional parking, and extensive air-conditioned storage, it offers both luxury and practicality. The private gated entrance and the absence of an HOA provide added privacy and freedom. This property seems like it truly needs to be seen in person to fully appreciate all it has to offer! The guest house has a full-size indoor basketball/pickleball court with a full kitchen, bathrooms, and two bedrooms adds a unique and practical feature to the property. The resort-style pool is BRAND NEW with a covered sitting area and built-in BBQ enhancing the luxurious, resort-like feel of the compound. This property truly offers a comprehensive package for luxury living and entertaining.

5036 N Ascent Drive Scottsdale, AZ 85251

$3,554,620 - 2Br/3Ba -  for Sale in Phoenician, Scottsdale
Open House
$3,554,620
2 Beds
2.5 Baths
3,035 SqFt
Status Active
MLS # 6702185
Property Type Single Family Residence
Price Type --
A NEW PRIVATE RESIDENTIAL COMMUNITY WITH A COVETED LOCATION AT THE BASE OF CAMELBACK MOUNTAIN ADJACENT TO THE ICONIC PHOENICIAN® RESORT IN SCOTTSDALE. ONLY A SHORT DISTANCE TO FASHION SQUARE AND OLD TOWN SCOTTSDALE. THIS COLLECTION OF CUSTOM HOMES TO BE BUILT EXCLUSIVELY BY CULLUM HOMES OFFERS ONE, TWO AND THREE-LEVEL RESIDENCES THAT REFLECT A TIMELESS, MODERN DESIGN AND LOOK OUT OVER THE BEAUTIFUL PHOENICIAN® GOLF COURSE. ALL PLANS ARE FULLY CUSTOMIZABLE. INTRODUCING THE CIRRUS A FLOOR PLAN, A TWO-STORY HOME FEATURING 2 BEDROOMS, 2.5 BATHROOMS, AND A 3-CAR GARAGE. THROUGH THE EXTRAVAGANT FRONT ENTRANCE LOCATED ON THE LOWER LEVEL, A BEAUTIFUL STAIRCASE OR AN ELEVATOR TAKE YOU TO BOTH LEVELS OF THE RESIDENCE. THE MAIN LEVEL BOASTS TWO EN SUITE BEDROOMS, PRIVATE FORMAL DINING AREA, OPEN CONCEPT KITCHEN, ADDITIONAL POWDER ROOM AND THE GREAT ROOM AREA. SPACIOUS KITCHEN WITH ISLAND, EAT-AT BAR AND WALK-IN PANTRY. A GLASS WALL LEADS YOU TO THE COVERED PATIO OFF THE GREAT ROOM WHERE GORGEOUS VIEWS AWAIT YOU. OWNER'S SUITE WITH WALK-IN CLOSET, DOUBLE SINK VANITY, SEPARATE TOILET ROOM, TUB AND WALK-IN SHOWER. ALONG WITH AN ADDITIONAL EN SUITE BEDROOM, LARGE LAUNDRY ROOM WITH EXTRA STORAGE AND A DECK AREA. THE COMMUNITY IS GUARD GATED FOR PRIVACY AND SECURITY. AT THE BASE OF CAMELBACK MOUNTAIN, YOUR PRIVATE POOL, FITNESS CENTER, AND SOCIAL SPACES OFFER AN INTIMATE GATHERING PLACE FOR WELLNESS, SOCIALIZING AND RELAXATION. RESIDENTS ARE OFFERED THE OPTION TO JOIN THE PHOENICIAN® AMENITY ACCESS PROGRAM - ACCESS AND DISCOUNTS TO THE NEW ATHLETIC CLUB, 38,000 SQUARE FOOT SPA, TENNIS FACILITY AND RESORT POOLS AT THE PHOENICIAN® RESORT.

Leave a Reply

Your email address will not be published.