Hey everyone! I'm on the hunt for a home in Los Angeles, specifically in the San Gabriel Valley. I've spotted quite a few places I like, but they generally fall in the $800k-$1 million range. I'm considering getting a fixer upper priced around $600k-$700k and completely remodeling it from the studs. I'm looking at a house with about 1200 sq ft, 3 bedrooms, and 2 baths. The move-in ready homes are nice, but they don't entirely fit my vision. I think if I could remodel a $700k house and invest another $100k-$150k, it might be a better option than spending $900k on a house that doesn't quite meet my needs. What do you all think about the costs involved in such a renovation? Also, what are the pros and cons of remodeling for a first home? I currently live with my parents, so I have a place to stay during the process. I also work in electrical and HVAC, but I'm still unsure if jumping into a fixer upper for my first home is a good idea. Any advice? Thanks!
2 Answers
Honestly, if you think you can gut a house and remodel it for just $100k-$150k in LA, you'll need to reconsider. Costs are often way higher, potentially 3-4 times that amount when you factor in everything. Renovations, especially in this market, can get pretty pricey.
Going for a fixer upper can definitely be worth it, but just make sure to do your homework. Besides the costs, think about whether you really want to manage a big project like that as your first home. It's nice that you can stay with your parents during the work phase, but keep in mind the potential headache of renovations.
Yeah, I second that. Maybe start by getting quotes from contractors to get a clearer idea of what you're actually looking at.