clock menu more-arrow no yes

Filed under:

Into fixer uppers? They may not save as much as you think

Average fixer-uppers list for 8 percent less, saving buyers only about $11,000 before renovations

Fixer uppers are appealing in their potential. Just watch most shows on HGTV and you’ll see. But while they’re sold cheaper than a home that is already renovated or otherwise up-to-date, are they actually cheaper?

Not by much, according to Zillow. Homes needing TLC are listed for about eight percent less than normal market value, which save a homebuyer about $11,000. When you factor in the average cost of a kitchen renovation for $20,000, then you know you’re upside-down.

But DC bucks the trend a bit, with renovation-needed homes selling 5.9 percent lower than the median price of market rate homes. But because DC is pretty pricey, the amount of money amounts to about $15,000, which can get you a little closer to customization nirvana.