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

Dated: 11/21/2019

Views: 19

 

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

National Plan Your Vacation Day

NATIONAL PLAN FOR VACATION DAYNational Plan for Vacation Day, on the last Tuesday in January, reminds us to plan our vacation at the start of the year for the rest of the year. The early bird gets

Read More

Monday Again

Tricia Glover, RealtorThe Glover Team, Inc.540-846-0185http://tglover.liveinfredericksburgva

Read More

NATIONAL BLONDE BROWNIE DAY

National Blonde Brownie Day on January 22nd recognizes a treat often referred to as blondies. Blonde brownies are similar to the traditional brownies known almost everyone.  In place of

Read More

Unsold Inventory Is Decreasing

Afraid to put your home on the market thinking it will take too long to sell?? Think again!! #TuesdayTipNeed to talk to a professional to anser your questions? I'm here to help just reach out and I

Read More