The pros and cons of buying a fixer-upper

Does it make sense to buy a home in need of a little TLC?

Woman sitting in an empty room looking at a laptop with paint colors and contemplating a renovation project
(Image credit: Keep it 100 / Getty Images)

As the cost of buying a home continues to soar, the fixer-upper is gaining appeal. With about one in five Gen Zers saying a "lack of affordable starter homes poses a barrier towards homeownership," more than half — 57% — "are willing to put an offer in on a fixer-upper," said CNBC, citing a new report by Clever Real Estate.

A fixer-upper is defined as being "available at a lower purchase price," said Rocket Mortgage, but that's "because it requires major maintenance work once you buy the house." So, is it worth getting a lower purchase price in exchange for all of that work and investment down the road? Here's what to consider.

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Becca Stanek, The Week US

Becca Stanek has worked as an editor and writer in the personal finance space since 2017. She previously served as a deputy editor and later a managing editor overseeing investing and savings content at LendingTree and as an editor at the financial startup SmartAsset, where she focused on retirement- and financial-adviser-related content. Before that, Becca was a staff writer at The Week, primarily contributing to Speed Reads.