A majority of people who bought homes needing repairs hoped to save money; however, 44% of homeowners who purchased a fixer-upper said the costs of renovation exceeded what they hoped to spend, according to a Porch survey. The home improvement site polled more than 1,000 homeowners to explore the differences between fixer-uppers and turn-key homes and found that renovation spending was largely the same across both purchase types, The Day reports.
A new HVAC installation was most likely to break the bank, with 54% saying this work went over budget. Fifty-two percent said they spent more than expected on plumbing or basement work, while 51% exceeded their budget on bathroom renovations or new appliances. Homeowners who went over budget spent an average of 38% more than anticipated.
Sixty-three percent of millennials in the survey said they bought a fixer-upper because they thought they could save money on the purchase price. Sixty-one percent of Generation Xers and 59% of baby boomers bought a fixer-upper for the same reason. This was the top reason among all generations.
Thirty-seven percent of homeowners said a home improvement TV show had influenced their decision to buy a fixer-upper. The British show "Grand Designs" was the most influential program, followed by Bravo's "Million Dollar Decorators" and "Flipping Out."
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