The cover story in the real estate section of the Times this weekend takes a look at that age-old question: How much sense does it make to buy a fixer-upper? One couple that bought a $625,000 three-bedroom in the South Slope sees it paying off. Their renovation budget was $35,000; they’re on track to have finished the work within a few months of closing; and the pre-reno property was appraised at $100,000 more than they paid. Another buyer profiled in the story, however, slashed her down payment from 45 to 30 percent in order to have dough on hand for a renovation. The article notes that there aren’t a huge number of fixer-uppers for sale in the city, but we wonder whether the weaker market means fewer people are willing to pony up for properties that need major overhauls. Does a buyer-driven market mean not as many people are settling for houses or apartments that need big renovations?
Reluctant Renovators [NY Times]
Photo by reclaimedhome.