According to a study from Porch.com, individuals who buy fixer-uppers will likely spend just as much on these houses as those who purchase a turnkey property. If a homeowner goes over budget when renovating a fixer-upper, that person could spend $25,000 more than someone who bought a home that didn’t need work. Overall, homeowners in Delaware spent an average of $246,891 on a fixer-upper and $250,496 on homes that were ready to live in from day one.
Individuals who bought fixer-uppers said that saving money on the purchase price was their main motivation for doing so. This was true among buyers among all age groups. Of those who purchased turnkey homes, 35% said that they did so because they didn’t want to spend time making repairs. The survey found that 28% of respondents who bought a home in good condition did so because they didn’t have money to make repairs.
Of those who purchased a fixer-upper, 44% said that they exceeded their renovation budget. On average, buyers who went over budget spent 38% more than they had intended to. Buying a new HVAC system, purchasing new appliances and plumbing projects were among the most common reasons why homeowners spent more to renovate their homes. Basement and bathroom remodeling projects were also common reasons why homeowners went over their remodeling budgets.
Those who are looking to buy residential real estate will want to know as much about the properties as possible before closing on the transaction. An attorney can help a buyer gather information about possible title issues, property damage or any other problems a house may possess. If a seller fails to disclose an issue in a timely manner, a lawyer may help a buyer take legal action against the former owner.