Home News Fixer-upper homes cost 45% less than comparable turnkey homes: study

Fixer-upper homes cost 45% less than comparable turnkey homes: study

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Buying a home that requires a little TLC can save you a lot of money on your next real estate purchase.

The median cost of the US Fixer Upper Home is $ 225,000.

According to the online pouch, it’s 45% cheaper than a turnkey home in a similar location of the same size. Home repair A website that connects homeowners and contractors.

Pouch analyzed the home listing prices of full-service real estate agent Redfin to determine the median cost of fixer upper and turnkey homes.

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The current median fixer-upper cost is almost 20% lower than what the pouch observed in 2021 at $ 280,000.

However, fixer upper homes were cheaper than turnkey homes in both years.

Fixer upper homes are defined as properties that need repair, and turnkey homes are already defined as refurbished and occupant properties. (IStock / iStock)

Home buyers Buy Fixer-Upper HomeThey have to spend money and time on refurbishments and repairs that can cost thousands of dollars (and sometimes have to endure a lot of deterioration).

The pouch quoted a complete structural skeleton and foundation refurbishment estimate from RemodelingCalculator.org and found its median. Repair cost For a particular project, it’s about $ 130 per square foot.

That number is reported to be on average 15% higher than similarly placed turnkey homes of the same size.

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So far, only 1% of US home listings have been classified as Fixer Upper in 2022, according to the latest Fixer Upper survey on the pouch.

Contractor adds tiles to the floor

According to cost estimates from RemodelingCalculator.org, refurbishing a 350-square-foot fully laminated floor can cost between $ 1,464 and $ 2,056 for basic materials. (IStock / iStock)

Quoting Redfin data, homebuyers are more likely to find a fixer upper in Mississippi. In Mississippi, 4.73% of homes are considered fixer uppers. In Maine, 4.72% of homes are considered repairers. In Louisiana, 3.64% of homes are considered repairers.

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Other notable states with more than 2% share of established homes are Alaska (2.72%), Arkansas (2.72%), Hawaii (2.5%), Indiana (2.4%), Vermont (2.34%) and California. (2.3%).

People install new roof tiles

According to cost estimates from RemodelingCalculator.org, a complete asphalt roof refurbishment at 1,600 square feet that requires single-layer stripping can cost $ 5,312 to $ 7,460 with basic materials. (IStock / iStock)

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States that homebuyers are having a hard time finding Fixer-Upper Home Utah, Nevada, Nebraska, Iowa, Minnesota, Wisconsin, Tennessee, Kentucky, North Carolina, South Carolina, Virginia, and Massachusetts.

According to Redfin’s latest home market overview, as of May 2022, the median home selling price was $ 430,982.

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The real estate The brokerage firm found that the reported median increased by 15% from last year.

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