The cost of a fixer-upper can vary according to what needs to be remodeled and how that remodel is completed. However, you can always cut costs by remodeling them yourself.
What does a fixer-upper typically cost?
Let’s start from the inside-out, if you will. Many fixer-uppers we come across need new roofs. In general, re-roofing an average-sized house in Minnesota can cost anywhere from $8,500 to $12,000. That’s quite a range, but roofs can come in many different shapes and sizes. Depending on the contractor you use, you can expect to spend $200 to $300 per square (square being the 10x10 area that’s used to measure sidings and roofs).
After that, we look at the major things that need to be fixed inside the house. The kitchen is usually the most expensive of these. Flipping a kitchen typically costs anywhere from $10,000 to $12,000.
Kitchens and roofs are the most expensive repairs on a fixer-upper.
Next, we look at bathrooms. In general, if you have a three-quarter or full bath, it is going to cost you around $7,500 to fully gut that bathroom.
If the home has wood floors, refinishing them usually costs about $4 per square foot. As far as carpet goes, it’s probably a good idea to stay under $20 a yard. When it comes to furnaces, there are plenty of people out there who will charge you around $6,000 just to install the furnace with labor and materials.
With any interior remodel, about 50% of the cost of doing the job comes from labor. If you think you’re handy and want to do it yourself, then it might not be a bad idea to dive in and get your hands dirty. There are plenty of instructional videos on YouTube that you can watch to get you started.
Stay tuned for the final part of our three-part series dealing with fixer-uppers. If you have any questions, please don’t hesitate to give me a call or shoot me an email. I look forward to hearing from you!
