So, you want to buy a fixer-upper?

Written By Liz Koehler

Here’s How to Build a Realistic Renovation Budget

If you're a first-time homebuyer in Columbus, Ohio, buying a fixer-upper can be a smart—and affordable—way to break into homeownership. With move-in-ready homes often priced at a premium, a little sweat equity can go a long way. Choosing to renovate a home that needs some work may give you access to neighborhoods you love, classic architectural charm, and the potential for some serious long-term financial upside.

 Whether you're considering your first home or your very first investment property, success starts with a smart plan and a realistic budget.

Here’s what you need to know - before you dive in.

1. Start with the Essentials

Before you get too excited about the front porch or built-ins, check the bones of the house. Major systems like the roof, foundation, HVAC, and electrical are the most expensive to repair—and the least exciting.

Pro Tip: Always get a professional home inspection. Better yet, if you can, walk the property with a contractor early on to get rough renovation estimates before making an offer.

2. Prioritize Wisely

Not all renovations need to happen at once. Focus first on:

  • Safety & structure (foundation, roof, HVAC, electrical)

  • Code compliance (plumbing, electrical panels)

  • Cosmetic updates (paint, kitchen, bathrooms)

This is especially important in older Columbus neighborhoods like Southern Orchards and Linden, where many homes need updates to meet current standards.

3. Decide What Can Wait—and What Can’t

Stretching your budget often means knowing what has to be done now, and what can wait. A dripping water heater? Handle it immediately. That ugly floor and horrible green tile in the guest bath? You can live with it a while.

Smart strategy:
Group your projects into three buckets:

  • Must-do now (safety and functionality)

  • Soon-ish upgrades (kitchen refresh, floors)

  • Future projects (landscaping, bonus space renos)

4. Expect the Unexpected

Fixer-uppers almost always come with hidden surprises—especially in homes that haven’t been updated in decades. Mold, old wiring, or plumbing issues can quickly blow your budget.

Rule of thumb: Set aside at least 15–20% of your total budget for unexpected repairs.

5. Know What You Can DIY

Doing some of the work yourself can be a great way to save—but be honest about your skills and time. Demo, painting, and landscaping? Great DIY projects. Electrical, roofing, or anything requiring a permit? Leave that to the pros.

6. Don’t Forget Permits and Codes

If you're planning to renovate a fixer-upper in Columbus, check permit requirements before you begin. Major updates (especially in historic neighborhoods) will likely need city approval.

Tip: As your real estate agent, I can help guide you through the process and connect you to trusted contractors and other pros.

7. Include Holding Costs

If you won’t be living in the home during renovations, be sure to factor in costs like:

  • Mortgage or rent elsewhere

  • Property taxes and utilities

  • Insurance and security for the vacant home

These “hidden” costs can add up fast—especially if the project takes longer than expected.

8. Work with an Experienced Real Estate Agent

A good agent is essential when buying a fixer-upper. As a licensed agent with experience in renovations (both for investment properties and my own home), I can:

  • Help you spot red flags and renovation deal-breakers

  • Guide you toward investment property opportunities in up-and-coming areas

  • Offer insight into resale value and smart upgrades

  • Connect you with reliable local contractors, inspectors, and lenders

Especially for first-time homebuyers, having the right expert in your corner (that’s me) can help you make smart, informed decisions from day one.

My team regularly gathers up-to-date estimates for repairs and improvements frequently requested by first-time homebuyers and investors here in Central Ohio, like window replacements, bathroom upgrades, garage replacements and additions, and roof repairs. Simply reach out and I’ll be happy to provide an up-to-date guide to give you real-life “ball park” numbers to help you budget realistically for a fixer-upper!

Liz Koehler