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I’m Four Months Into a 1031 Exchange—Now It’s All About Finding the Best Deal in the Haystack
We are less than a month away from listing our Brooklyn, New York condo, which we bought for $375,000 back in 2004, the same week we got married. 20 years, two […]
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1031 Exchanges
HomeForums1031 ExchangesCan 1031 funds be used for renovations?
Pete Harper's profile image
Pete Harper's profile image
Pete Harper
  • Rental Property Investor
  • from Streetman, TX
  • Member since Jul 7, 2018
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Pete Harper's profile image
Pete Harper's profile image
Pete Harper
  • Rental Property Investor
  • from Streetman, TX
  • Member since Jul 7, 2018
Connect
Pete Harper
  • Rental Property Investor
  • Streetman, TX
475
Votes |
510
Posts
1031 Exchanges

Can 1031 funds be used for renovations?

Pete Harper
  • Rental Property Investor
  • Streetman, TX
Posted Aug 16 2019, 06:42

We are looking to purchase a property using 1031 exchange funds. After inspections we found the property needs $27k in foundation repairs. We are negotiating price reduction with seller. The new price is below my 1031 basis. My question is can I use the remaining 1031 funds to pay for foundation repairs?

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