Is Buying A Fixer Upper Home Actually More CostEffective Than Purchasing A MoveIn Ready Property

Dated: November 21 2019

Views: 46

 

Many people buy fixer-upper homes because they think it will save them money in the long run—but is that actually true?

According to recent data, not necessarily.

According to a recent survey from remodeling resource Porch, the majority of people who bought fixer-uppers did so in an effort to save money on the purchase price—63 percent of millennial buyers, 61 percent of Gen X buyers, and 59 percent of buyers from the baby boomer generation. But nearly half (44 percent) went over their budget during the renovation process—and ultimately, there was little difference between the average cost of what buyers paid for a move-in ready home ($250,000) and the average cost of renovating a fixer-upper ($247,000).

So, what does that mean for you? If you enjoy renovating homes, then purchasing a fixer-upper can be a fulfilling experience—but if you’re just looking to save money, you’re likely going to be disappointed.


Blog author image

Kelly Chewning

My name is Kelly Chewning and I am a native of Fredericksburg, Va., born and bred. I grew up in the 80’s when Fredericksburg was a small rural town, and I had the joy of evolving from a child to an ....

Latest Blog Posts

Let Me Help You Get Your Home Sweet Home

Current market advantages for home buyersMortgage rates are at historic lows these days, which makes buying a home more affordable than when rates are higher. The average percentage rate for a 30

Read More

Happy Thanksgiving

From The Glover Team with United Real Estate Premier we wish you a Happy Blessed Thanksgiving!  May you continue to count your blessings and appreciate all this season has to offer.   

Read More

Pecan Or Pumpkin The Great Debate

It’s the great debate every Thanksgiving! Which is your favorite? #pumpkinvspecan #pecanvspumpkin #pumpkinorpecan #pecanorpumpkin #thanksgivingpie #thanksgivingpiebattleTricia Glover, RealtorThe

Read More

5 Reasons To Sell During The Holidays

With very few homes on the market, now is the time to get top dollar when you sell. Give me a call if I can be of any help. #thegloverteam #newhome #newhomebuyer #homebuyertips #homebuying

Read More