The limited number of entry-level homes for sale coupled with rising prices is turning many homebuyers’ attention toward homes that need updating or repairs.
Homes that need work are in less demand than those in pristine condition, allowing homebuyers to pay less, and get the features and look they want through remodeling. Fifty-nine percent of homebuyers between 18 and 34 years-old are willing to tackle a fixer-upper, according to realtor.com's most recent homebuyer survey.
Half of participating homebuyers are willing to spend $20,000 or more on improvements and 95% are confident they’ll get a positive return on their investment.
Ideas for renovations are easy to find on cell phones or tablets, from Pinterest and Instagram to Houzz, to a plethora of home remodeling shows on television. In fact, 60% of homebuyers surveyed said they were influenced by home remodeling shows to consider buying a fixer-upper.
One-third of homebuyers said that a kitchen upgrade would be their first priority, and one-quarter said they wanted to remodel a bathroom. A full 20% want new wood flooring.