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.