Should I Buy a Fixer-Upper in Spokane?

By Chelsea McFarlandCo-Founder, McFarland Prey Real Estate · Broker, Prime Real Estate Group

What to Weigh Before You Buy

• Cosmetic or structural? Paint, flooring and fixtures are one thing. Roofs, foundations, electrical and plumbing are another, and they usually cost more than people expect.
• Your time and skills. Will you do the work yourself, hire it out, or both? How long can you live with a project in progress?
• Your budget after closing. You'll need money for the purchase and a realistic repair budget, plus a cushion for surprises.
• The neighborhood. A fixer-upper in a strong area often makes more sense than a fully updated home where values don't support the cost of renovation.
• Contractor availability. Good contractors can be booked out for months, especially in spring and summer.

Costs People Often Miss

• Permits and inspections for major work
• Older systems hiding behind walls, like knob-and-tube wiring or galvanized plumbing
• Sewer line repairs in older neighborhoods
• Living costs if you can't live in the home during the work
• A contingency fund, since almost every renovation runs over

Financing a Fixer-Upper

Some homes need too much work to qualify for a standard loan. Renovation loans, like FHA 203(k) or conventional renovation programs, can roll repair costs into your mortgage. Talk to a lender early, because these loans have extra steps and can affect your timeline.

With a renovation loan, you borrow extra money in the loan to fix things in the home, and the work is reinspected after closing. FHA 203(k) loans are the most common. I've even helped a buyer purchase with a VA renovation loan, which is pretty rare. They used it to switch the kitchen to a gas stove, convert the fireplace to gas and do some painting, and they were really happy with the results.

How I Help

With a fixer-upper, the inspection period matters even more. I help buyers line up the right inspections, get contractor eyes on the big items before the deadline, and follow up on every open question, so you can decide with real information.

"Chelsea was extremely helpful, supportive, and responsive... She also has an excellent stable of contractors to help with roofing, electrical work and painting."

Joe M., Google review

Frequently Asked Questions

Is a fixer-upper a good investment in Spokane?

It can be, but it depends on the purchase price, the true cost of repairs and the neighborhood. Knowing your numbers before you buy is what makes the difference.

Can I get a loan for a house that needs work?

Often, yes. Renovation loans can include repair costs, and some homes qualify for standard financing if the issues are mostly cosmetic.

Should I get contractor estimates before I buy?

If you can, yes. Getting estimates during your inspection period helps you understand the real cost before you're committed.

Thinking About a Fixer-Upper?

Every project is different, and I'd love to help you think through whether a particular home makes sense for you.

Call or text: 509.565.1581
Email: chelsea@mcfarlandprey.com
Office: 1402 S Grand Blvd, Suite 201, Spokane, WA 99203