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Featured in Brittany Anas article titled “How ‘Fixer Upper’ Changed the Way People Buy Homes” discussing how the HGTV effect: Shows like “Fixer Upper,” which aired for five seasons on the network, have undoubtedly rebranded the American dream of homeownership…Now, agents say buyers excitedly search for homes they can renovate. In fact, according to Realtor.com’s latest spring homebuyer survey, a whopping 60 percent of buyers now consider homes that need renovating.
“In more expensive markets like New York City, buyers are less willing to put in the time and effort of a fixer upper. Karen Kostiw of Warburg Realty in Manhattan says she’s noticed that many of today’s big city buyers aren’t necessarily interested in putting on hard hats and DIYing their way to a dream home. If a buyer is already paying upwards of $1M for a one-bedroom apartment, they expect it to be new and updated homes like the ones Chip and Jo present on television.
“They want a home where no work is required and they can simply walk in with their toothbrush and start living their lives,” Kostiw says. “They aspire to find updated kitchens and bathrooms, home offices and open floor plans.”
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Buying and renovating an existing home that needs substantial work can often present financial and logistical challenges.
Bankrate created a guide provides tips and considerations for buying a fixer upper to help buyers understand what to expect during the process. Their guide provides a list of financing programs buyers can use to help with the cost of remodeling their home.
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