In Westchester County where many homes in higher-priced neighborhoods are out-of-budget for some homebuyers, a fixer-upper may seem like a viable option for those looking to save on upfront costs. If you're a fan of HGTV, chances are you've been inspired by the likes of Joanna Gaines or the show “Flip or Flop.” While renovating a home to match your vision can possibly save you money, it requires quite of bit of time, resources, and expertise to land those "before and after" transformations. If you're in the market for your own Westchester County fixer-upper, here are a few tips to guide you along the way.
Source: Manta.com
Count the Cost
New York is considered to be one of the most expensive places to buy a fixer-upper, according to a recent Storage Cafe report. In Scarsdale, for example, the average homeowner paid $63K to fix up their home in 2024. Despite research showing the median asking price of a move-in-ready home is lower than the median price of a fixer-upper in New York (see chart below), it is possible to “get a deal” on a home that needs some TLC and save on the purchase price. The key is working with an experienced real estate team who knows the area in which you’re intending to buy like the back of their hands. Partnering with a real estate team that is knowledgeable about the area, and price points, and its agents are experts in negotiating favorable terms on your behalf will prove to be invaluable in purchasing a fixer-upper in Westchester County.
Source: StorageCafe.com
Make Sure Your Fixer-Upper Has "Good Bones"
While a home that needs “a little work” may save money, a home with major issues can cost you more in the long run. A home with "good bones" will have a solid foundation, structural integrity, a functional layout, and the absence of major issues that can be costly or difficult to fix. For most home purchases, getting a home inspection is a part of the process, but if you are purchasing a home built 20+ years ago, be sure to get a foundation inspection as well. A home with good bones will give you a strong base for whatever renovations you plan to make.
Some Repairs Are More Expensive Than Others
Though you may save on the listing price by buying a fixer-upper, there are certain repairs that can dramatically increase the cost of the renovation. Repairs such as foundation repair and replacement, roof replacement, electrical system overhauls, plumbing updates, and mold or water damage are some of the most costly repairs in renovating a fixer-upper. Take a look below at the average price to remodel a home in Westchester County, NY.
Source: Sweeten.com
Before making an offer on a fixer-upper, in addition to getting a thorough inspection, it's recommended you ask your real estate agent to reach out to local contractors to get estimates of repair and renovation costs in your specific area.
Unexpected Expenses May Pop Up
Renovating a fixer-upper often comes with surprises, which is why it's important to expect the unexpected. Setting aside a contingency fund (usually 10-20% of your renovation budget) can help manage unforeseen expenses without derailing your project. The average renovation costs for major overhauls can vary widely depending on location, the home's condition, and the extent of the renovations planned. In Scarsdale, NY, the cost of renovating a home ranged from $14K to $113K, according to Manta.com.
Plan Your Renovation
Whether it’s worth it or not to buy a fixer-upper in Westchester County hinges on a few key factors: your budget, how long you're planning to live in and/or own the home, and your schedule. If you're settling in for the long haul, as in this will be your family home for the next 10-30 years, it might be worth it to buy a fixer-upper and renovate it little by little, as your budget permits. But if your intention is to buy a house and flip it, it may be better to focus on the things that are sure to boost property value and appeal to the masses.
Buying a fixer-upper takes some serious preparation, a realistic budget, and knowing exactly what you're diving into. If you’re not sure about whether buying a fixer-upper in Westchester County is a good idea, connect with The Geiger Stern Team for guidance.
