How Much Money Do I Need Available To Purchase A Fixer Upper Home?

I’m looking to purchase my first home. I’d prefer to try and buy a house and then do a complete remodel of the inside (Basically exactly what they do on that show Property Brothers). Now how much money do I need to have available for this? Say I found a place thats $200,000 and I would like to do $100,000 in remodeling and upgrades. Since 200,000 is needed to get possession of the home and In order to pay the contractors the $100,000 for their work do I need $100,000 free cash for the workers plus up to 20% down on the home from the seller?
Is there a way where I can qualify for a loan/mortgage for the full amount purchase price + all the work necessary to follow soon after and roll it all into one 30 year loan/mortgage?
Whats the best way to go about searching for foreclosures or discount homes that aren’t falling apart yet with some TLC can be turned into a great first home without taking all of my savings to get the ball rolling. Thanks!

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2 Responses to “How Much Money Do I Need Available To Purchase A Fixer Upper Home?”

  1. Rob says:

    property brothers and TLC house programs
    are such farces.
    since u don’t say where u at/live.
    if u hire a contractor , u better have the money to
    pay or they will own part of the property.
    visit library as u have 3- 5 years of learning or u
    will get burned badly.
    no u can NOT qualify for a loan of purchase price plus
    fix up costs.
    for a 200K mortgage u need to earn at least 60K
    here locally.
    good knowledge will save u 100Ks$.

  2. Kerry says:

    dont know where you are or what city you might be looking at….or if you are US or other…..
    you dont say…….
    You can buy a fixer under FHA 203 program but it wont be 100% on them/you have to kick
    in under the terms of the program; they advance cash from loan thru milestones of completion
    as upgrades happen. Talk to any bank or mortgage house how to qualify/use that program;
    search foreclosures wthi a real estate broker in whatever city; HUD is having the realtors
    handle the sales of them and not open to the public to buy one direct
    if your plan calls for 100K in repiars, then allow a 20% factor as well for those surprises that
    will happen along the way, or 120K..always happens…the hidden joys of it all

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