10 Projects That Blow Fixer Uppers Budgets

Dated: July 3 2019

Views: 298


Many homeowners who purchase a fixer-upper say it was because they believed they’d save money. But they actually end up spending about the same or more than if they had opted for a move-in-ready home, according to a new study from Porch, a home remodeling website.


Porch surveyed more than 1,000 homeowners about recent repairs to their homes. More than one-third of respondents said they lived in fixer-uppers.


On average, respondents who bought a move-in-ready home paid just over $250,000, while respondents who bought fixer-uppers paid slightly under $200,000. But after renovations, fixer-upper homeowners tended to spend a total, on average, of nearly $247,000 if they actually were able to stay on budget. Fixer-upper homeowners who went over budget tended to spend more than $25,000 over than what a move-in-ready home would have cost them ($275,741 total).


Consumers are being drawn to fixer-uppers. Thirty-seven percent of those surveyed say that home improvement TV shows influenced their decision to take on a fixer-upper. The most influential shows, according to the survey, were “Grand Designs,” “Million Dollar Decorators,” “Flipping Out,” “Design on a Dime,” and “Rehab Addict.”


Staying on budget when fixing up a fixer-upper proves a challenge. Forty-four percent of respondents said they went over budget. The following were the top projects that most caused homeowners to go over budget:


  • New HVAC

  • Plumbing

  • Basement

  • Bathrooms

  • New appliances

  • Roof

  • Kitchen

  • Electrical

  • Driveway

  • New flooring

Porch.com fixer-upper math chart. Visit source link at the end of this article for more information.

 

Porch.com why buy fixer upper chart. Visit source link at the end of this article for more information.

 


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Mark Ross

For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 30 years in the industry, Mark has gained experience in ....

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