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

Dated: November 21 2019

Views: 81

 

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 Combs

My name is Kelly Combs 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 adu....

Latest Blog Posts

Add Some Holiday Cheer

Selling soon? Adding some holiday cheer to your home will definitely put your prospective buyers in the Christmas spirit!Your decorated home will offer the kind of warmth that appeals to

Read More

Home Is Where The Heart Is

Home Is Where the Heart Is More than Ever This Year  First Time Home Buyers, For Buyers, Move-Up BuyersThere’s no denying the financial benefits of homeownership, but

Read More

5 Tips To Keep Holiday Spending From Trampling Your Down Payment Fund

As the holiday season moves into full swing, you might have your eye on a big gift for yourself: your first home. At this time of year, though, saving for a down payment and closing costs can seem

Read More

11 Steps To Winterize A House

11 Steps to Winterize a HouseKeep your house warm and damage-free all winter with these tips.Extreme winter weather can leave neighborhoods and communities without power or other public services

Read More