Do You Really Save Money When You Buy A Fixer-Upper?
You’ve seen the TV shows. A nice couple looks for a house. They want everything updated and beautiful; who wouldn’t? But it never takes long before the couple’s hopes are dashed, and they have to settle for a fixer-upper, which, on the shows, saves them a boatload of money. Do they really save money, though? A survey in Porch says that no, homebuyers don’t save money on buying a fixer-upper, and often, they lose money. Even though the majority of fixer-upper homeowners thought they could save money, they actually spent about the same or more than their move-in ready counterparts. On average, respondents paid just over $250,000 for move-in ready homes. Meanwhile, fixer-uppers cost slightly under $200,000, on average. After renovations, though, fixer-upper homeowners ended up spending almost $247,000 in total when they managed to stay within budget. Fixer-upper homeowners who went over budget spent over $25,000 more than move-in ready homebuyers for a total c...