Nearly 60% of all spring home shoppers are considering a home that needs renovating.
It’s a new trend as rising home prices and limited entry-level inventory continue to be a hurdle to homeownership.
More than half of home buyers considering a home that needs some TLC are willing to spend more than $20,000 on the renovation.
A majority of Spring Home Shoppers – 95% of them – are optimistic they will get a positive return on their renovation investment, according to Realtor.com
According to data, a major kitchen remodel will cost around $66,000, while a minor kitchen remodel will cost around $22,000.
Similarly, an upscale bathroom remodel will cost around $64,000, while a midrange bathroom remodel runs about $20,000.