In a home foreclosure sale, the seller is actually a bank or mortgage lender. In this scenario, the lender has seized a property from the previous owners who were unable to pay their mortgage. Now,
10 Projects That Blow Fixer Uppers Budgets
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:
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....
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