If you think that buying a cheaper house “under repair” will save you, think again.
Recently, the project Porch.com published a survey for users dedicated to how much people spend on the purchase and construction of houses requiring repair, and ready to move in. It turned out that even if the homeowners are “under repair” at first glance, remain within their budget, they end up spending the same amount and even more than homeowners who purchased a ready to move house, says Fox News.
On average, people who bought ready to move in home, has spent about 250 496 dollars, while buyers of the house that requires improvements, on average, spent on the acquisition of about 246 891 dollars.
If we talk about all the expenses in total, with modifications home buyers “under repair” spend $ 25,000 more than those who buy a fully finished house. The total expenses of those who bought a house requiring repair, was 275 741 dollars.
The average price of buying a home “under repair” was 199 819 dollars, and the cost of the repair was 47 472 dollars for those who are kept within budget, and 75 922 dollars for those who have exceeded the budget.
Despite the fact that home buyers are “under repair” do not stop to spend money at the time of purchase of the house, the main reason for the purchase of such a dwelling they call savings. This answer was given by 63% of Millennials, 61% of Generation X and 59% of baby boomers.
For respondents who bought a finished house, the main reason was that they liked this house. 43% said that repairs and improvements were inconvenient for them, 35% responded that they have no time for this, and 28% said that the repair has no money.
In the report, with the participation of 1069 homeowners in the United States it was also discovered that only 5% of home buyers “under repair” invested in less than the planned budget. 52% fit into budget, and 44% exceeded it (while spending 38% more than planned).
The strongest of the budget and extorted the people who installed new heating, ventilation and air conditioning, as well as spent on updating the plumbing, new bathrooms and appliances.