We may earn revenue from the products available on this page and participate in affiliate programs.
For a decade, one hyphenated word seemed to reign supreme in real estate: fixer-upper. Thanks to a post-recession market filled with homebuyers who wanted to stretch their down payments—and design shows that glamorized the sweat equity of “demo day”—purchasing a fixer-upper became a commonplace right of passage. But according to a new analysis by Zillow, the popularity of fixer-uppers might be dwindling.
Zillow found that buyers are willing to pay nearly four percent more than expected for a home that is already remodeled—or an additional $13,194 on an ordinary American property. Furthermore, remodeled listings get 26 percent more saves on a daily basis and are shared 30 percent more often between home-hunting partners than similar properties that need work. Amanda Pendleton, Zillow’s home trends expert, has a theory for why some buyers may be less enthusiastic about sledgehammers these days.
“Buyers who are already stretching their budget to afford a home in today’s market may not be willing or able to spend more on renovations or repairs,” she says in the report. “A remodeled home may come with a higher price tag, but a buyer would get to spread that additional cost over the course of a 30-year mortgage versus paying cash upfront to make similar upgrades themselves.”
While it’s nice for someone else to have replaced the water heater or patched a few holes in the roof before you arrived, remodels tend to lack the one thing you want when purchasing a fixer upper: personality. Here are three examples of homeowners who called the shots from the studs, and why following suit could still be in your best interest.
You Decide What to Keep of the Past
Bonnie Ashley and her husband Neil Downie took their time remodeling their 1940s bungalow in Melbourne, Australia so that its historic features complemented modern adjustments in their taste. In the primary bedroom, they retained the ceiling molding and built wall-to-wall storage for a mix of old and new.
You Pick Which Views to Prioritize
When Christy Baskauskas, the founder of womenswear brand Christy Dawn, and her husband, Aras, bought this Santa Monica, California home in 2019, they wanted to hold on to a few of its 1970s staples. They kept all the original windows and added only one: A floor-to-ceiling pane of a massive redwood.
You Can Impress Your Neighbors
Journalist and interiors expert Kate Watson-Smyth toured a 24-room Italian villa with her husband, Adam Leigh, never thinking they’d buy it—until they fell in love. The project was huge, of course, but the prospect of embracing its history with thoughtful and amusing updates was a thrill. And as it turns out, the locals love the final result.