With pandemic numbers rising again from some sources; it’s shaken investors and pushed 30-year mortgage rates lower again this week, though adjustable rates moved a little higher.MCLEAN, Va.
Is That Fixer-Upper Really a Good Deal ☘ Hoey Team ☘ eXp Realty
Dated: September 17 2019
The lower price of a fixer-upper and the added resale value after a remodel can be alluring to some home buyers. For example, the average price of a fixer-upper home on the TV show “Fixer Upper,” based in Waco, Texas, is $178,449, with the average resale value being $297,488.
But a new study from the remodeling site Porch.com, based on a survey of more than 1,000 homeowners, shows that the majority of fixer-upper homeowners who thought they could save money actually ended up spending about the same or more than a move-in ready home.
Respondents paid, on average, slightly over $250,000 for move-in ready homes. They paid slightly under $200,000 for a fixer-upper. But after the renovations, fixer-upper homeowners ultimately spent nearly $247,000—for those who managed to stay within budget. For those who went over budget—which about 44% said they did—they spent over $25,000 more than move-in ready buyers for a total of $275,741, according to the study.
Still, fixer-upper home buyers have no regrets. Eighty-six percent of homeowners who spent what they thought they would on renovations would buy the same house again. On the other hand, 60% of those who went over budget still would buy the same house too. Regretful fixer-upper homeowners say they would spend more time on inspections and be sure to get better cost estimates for the repairs their home needed.
Staying within budget seems to be the biggest challenge for fixer-upper homeowners. Forty-four percent of respondents said they went over budget on their fixer-upper. The most common projects that made them go over budget were a new HVAC, plumbing, basement, bathroom, new appliances, a new roof, or kitchen.
This is interesting, check out the reasons given for purchasing a Fixer Upper Home; by Generation:
Survey from 1069 homeowners. Porch.
Article content from our Nar Realtor Magazine - Contact us if you want to know about any aspect of real estate, including flipping properties, distressed sales, doing improvements to sell your property, etc.
Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website. ☘
We hope that you find the information useful. If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team ☘ brokered by eXp Realty
“Please Share this and our informational website with anyone who you think the info will help.
Feel free to refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals from Past Customers, Friends and Fellow REALTORS, who we help in any way we can.
Most of our business is referrals by word of mouth; from past Sellers and Buyers who we have helped; please ask for and check out our testimonials and Sales Stats. Thanks, Barry & Kim ☘”
"Your Real Estate Concierge" If you are looking for a REALTOR® or one-stop Real Estate Team who will fully communicate; promptly, professionally, and in detail with you, to efficiently help you wit....
Latest Blog Posts
Hello,Barry & Kim with the Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ hope that you and yours are doing good; wherever you are located.Hot off the press please find
Florida Realtors chief economist Dr Brad O'Connor: More homes are being listed than you think. Despite record-low inventory levels, the reason for current buyer frustrations isn’t
Welcome to the Luxury Market Report for June 2021, your guide to luxury real estate market data and trends for North AmericaProduced monthly by The Institute for Luxury Home Marketing, this report