In a perfect world, we’d all be able to buy a home that is in great condition. Of course, that isn’t the way things work. Buying a house requires compromise, and in some cases, an otherwise perfect home might require some repairs. Fortunately, if recent data is any indication, today’s home shoppers understand this and are realistic about tackling renovation projects.
For example, according to a new survey by realtor.com, nearly 60 percent of respondents said they’d consider a home that needs renovating. Also, more than half would be willing to spend more than $20,000 to get the job done. There are a number of reasons for the increasing number of home shoppers looking for a fixer-upper.
For one, the limited number of entry-level homes for sale means buyers have to consider homes they may not have if they had more options. Beyond that, the popularity of home renovation TV shows, and the fact that those who are considering a fixer-upper believe they’ll see a return on their investment, also contribute to home buyers’ willingness to take on a project.