How much money should i save to buy and renovate a house?

I am looking to buy a home no more than $80,000.I am 21 and plan to save for the next year and a half.I've already started looking at houses and in the area i live that price would buy me a pretty decent home.Im not looking to do major renovations except kitchen and bathroom to suit my needs.such as i love to cook and plan on volunteering with local kids organizations as well as my friends and family so i want double ovens,nice big fridge,lots of cabinet space,etc. im also tall so i need a bathroom that fits all my height needs..the rest of the house i choose i wont do more than paint and fix flooring as needed. about how much would i need to save to do this? as well as keep i good savings accountHow much money should i save to buy and renovate a house?
Think of it like this



$80,000+(any renovations you can think of estimated cost * 4)= how much money you need.



you can't really get more detailed then that since you don't already know exactly what you won't like in a house you haven't toured yet.How much money should i save to buy and renovate a house?
1 million dollars

hahahahahahahahahahahaha

i mean 100 billion frillion gillion yen
You will need a 20% down payment plus the closing costs as well as inspection fees, appraisal fees, etc.



To renovate a kitchen or bath the price tag is very high, and there are always those unexpected surprises in a renovation. For a complete kitchen renovation including those appliances you mentioned you will probably spend in excess of $25,000. You may be able to do the bath for between $10 and $15 thousand depending on the condition its in when you purchase. Not sure if you have the skills to do any of the renovation work or not but it surely saves you money if you have these capabilities.



You may want to consider getting a house where the kitchen/bath does not need too much of a renovation even though you would pay more initially.
A lot of my answer depends on your living arrangements now. If you are not paying rent or a very low amount then what you are planning sounds best. If you are renting at a normal rate I would suggest you look at a rent to own/lease option. Find a fixer that you like and do the fixing in lieu of an option fee. You can tie the property up for 2-3 years (only you can buy it) or more while you are saving money for the DP to buy it. Many times you can even get a rent credit for more savings. Find out more about this great way to get into a home below in the source.