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).