I just sold my house and now have $45,000 cash in my bank account. Is this enough to buy a fixer-upper?
My income is $55k.
Is it enough for a MORTGAGE for a fixer-upper and a REHAB LOAN? I thought this info was common sense, but I guess not.
- Christin KLv 71 month agoFavourite answer
Lord--it's MORE than enough in some areas. I bought my house for $18K. It needed to have plumbing, wiring, and a furnace. And cosmetic rehab. That was six years ago. I've put probably $37K into it since buying on various things--garage siding, new windows and doors, floor refinishing and landscaping. And it's now worth around $95.5K. You have to look for a house with good 'bones'--and no major issues like foundation cracks. And they are out there! It was fun doing it--and I love it.
Just set a max budget for the house itself and a budge for your rehab, and don't go over it. If you use a decent agent, they won't show you anything out of that budget.
You can pay cash for the house if you get one cheap enough. In my area of NE Ohio, you can find fixer-uppers for under $15K if you look. Just make sure you get a good inspection. Wouldn't it be nice to have NO mortgage AND a lovely house?
- SCATTY cLv 61 month ago
How much is the fixer upper? That would depend on its location, the size of the property and how much work needs doing.
You do the maths.Work out how much you can borrow, what you can put down on it and then look for properties in that price range. But remember you need spare money to pay for any renovation costs
- 1 month ago
A house cannot be $45k left unless it was joint custody and had to share profits?
- JudyLv 71 month ago
Maybe, but not much left for th fixing up.
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- ScottLv 71 month ago
Not where I live...
- Pearl LLv 71 month ago
it might be enough
- Anonymous1 month ago
Its enough to pay $45k for a fixer upper. More depends on your credit.