Recent data suggest that fixer-upper homes might not be an affordable option in a competitive housing market anymore, especially in North Carolina.
Porch.com, a home improvement marketplace, found that NC had the eighth-lowest concentration of fixer-upper homes available. Discounted homes in need of TLC in the old north state might not be the ideal way to enter a competitive, expensive real estate market.
One possible reason for the low stock could be young housing stock, according to the report. No matter what the reason, don’t expect to get a great deal on a cheap fixer-upper in this area. Fixer-uppers, once renovated, cost 15% more than comparable, move-in-ready homes in the same area when considering renovation costs.
North Carolina City-Specific Stats on Fixer-Uppers:
|
City |
Avg. Price |
Avg. Sq. Ft. |
|
Durham |
$299,950 |
1900 |
|
Charlotte |
$350,000 |
1400 |
To read more about the study, visit porch.com.