In real estate vernacular, a fixer-upper is a property that will require repair (redecoration, reconstruction, or redesign), though it usually can be lived in or used as it is.
They are popular with buyers who wish to raise the property's potential value to get a return on their investment (a practice known as flipping), or as a starter home for buyers on a budget.[1] Home-improvement television shows touting do-it-yourself renovation techniques have made fixer-uppers more popular, but during a real-estate downturn with newer homes available at depressed prices, there is often reduced interest.[1] Inexperienced buyers frequently underestimate the amount and cost of repairs necessary to make a home livable or saleable.[1] Structural and service issues, which may not be visible at first (such as a home's foundation or plumbing), can require expensive, professional contracting work.[citation needed]
- ^ a b c Elana Ashanti Jefferson (March 7, 2007). "Is a fixer-upper right for you?". The Denver Post. Retrieved June 12, 2019.