I Bought a House for $1 and Renovated It — Here’s How Much It Cost

Initial Purchase Purchase Price: $1 Closing Costs and Fees: Depending on the location and the deal specifics, closing costs can range from a few hundred to a few thousand dollars, even for a $1 property.

Structural Repairs Roof Replacement: $5,000 - $15,000 Foundation Repair: $2,000 - $10,000+ Rewiring Electrical System: $3,000 - $20,000 Plumbing Overhaul: $2,000 - $15,000

Interior Renovations Kitchen Remodel: $10,000 - $50,000 Bathroom Remodel: $5,000 - $25,000 per bathroom Flooring: $1,000 - $10,000, depending on materials and square footage

Exterior Renovations Siding Repair/Replacement: $5,000 - $15,000 Window Replacements: $3,000 - $10,000 Landscaping: $1,000 - $8,000 Deck/Porch Addition or Repair: $2,000 - $15,000

Miscellaneous Expenses Permits and Inspections: $1,000 - $5,000, depending on local regulations Contingency Fund (unexpected expenses): 10-20% of total project cost

Total Renovation Cost Estimate Given these broad estimates, the total cost for renovating a house purchased for $1 can range significantly, from a minimum of around $50,000 to $200,000 or more

This estimate doesn't take into account the cost of your own time, especially if you decide to manage the renovation project yourself or undertake some of the work.

Additionally, unforeseen issues commonly arise during renovations, which can lead to additional costs.