10 Projects That Blow Fixer Uppers Budgets

Dated: July 3 2019

Views: 219


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.

 


Source



Blog author image

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 25+ years in the industry, Mark has gained experience in....

Latest Blog Posts

The Housing Market Is Hot But Not In A Bubble

Existing home sales came in at a whopping 6,850,000, beating estimates with the highest print since 2006. Days on market fell from 36 days to 21 days on a year-over-year basis. Cash buyers remain at

Read More

10 Ways To Enjoy Your Outdoor Living Space All Year

Some believe that the end of summer also marks the final days of enjoying outdoor barbecues, parties, and casual get-togethers. Yet, just by adding a few design elements to your outdoor space, you

Read More

3 Ways To Tap Your Home Equity And Which One Is Right For You

You need to come up with some cash, fast. Maybe you have a leaky roof that desperately needs fixing or you need help paying for your kid's first semester of college. But where do you turn?If you're

Read More

These Pandemic Related Housing And Design Trends Are Not Going Away

Home trends come and go, but social distancing and staying at home have ushered in a new way of life—and some of those changes have spurred home trends that are likely to stick around well past

Read More