According to StorageCafe, in the face of soaring home prices, high interest rates and a shortage of available residential real estate, many seeking to become homeowners are considering buying what the industry calls a “fixer upper.” doing. Atlanta ranked 14th among cities compared based on desirability as a location to find renovation candidate homes.
Fixer Upper “requires a certain amount of work and time before it’s ready to be called ‘home,’ but it can be a real solution for those who care about their budget,” says Nationwide. said StorageCafe, a popular self-storage website. A division of property management software company Yardi.
“If Atlanta is looking for a more affordable home, you’re in the right place because there are plenty of fixer upper materials in the local market,” says the report.
According to realtor.com, shoppers in the fixer upper market would do well to look for “good bones” homes. The term “good bones” refers to a desirable floor plan and sound infrastructure (foundation, plumbing, and electrical – a home in need of repairs or cosmetic improvements.
“Both first-time and seasoned buyers may find that their efforts to fix up their home are sure to pay off. According to a StorageCafe report, buying a home that needs major renovation can actually save you money. You’ll get a significant discount on the , but it depends a lot on where you buy your home for sale; .
The report estimates that in the Atlanta market, buying a fixer upper would reduce the price of a turnkey home by about $300,000. In line with national trends, fixer uppers in the Atlanta area are smaller than standard homes, averaging 1,356 square feet compared to 2,178 square feet for standard homes. However, some homebuyers may want smaller homes.
Looking to Fixer Upper could be a viable way to access home ownership in DeKalb County, reports StorageCafe. Purchases can reduce the median list price of a turnkey home (average $425,000) by almost 30%. “This will save us $126,000 on this transaction,” according to StorageCafe, which reports about 12% of DeKalb listings needing repairs.
A study by StorageCafe found that fixer uppers in the city of Atlanta are generally about 20% cheaper than their peers in DeKalb County. Atlanta. “
Following a national trend, DeKalb County’s fixer uppers come in slightly less space than standard homes, averaging about 1,690 square feet of space for prospective homebuyers. “But Atlanta’s homes needing repair are generally smaller than DeKalb County, offering about 1,360 square feet on average, so DeKalb County is doing better than Atlanta in this regard.”
StorageCafe notes that while price is the main incentive to purchase fixer uppers, other advantages include that such homes are in well-established areas and that buyers have the freedom to purchase them based on their needs, tastes, and preferences. points out that it could be refurbished to
StorageCafe describes the methodology used in its research: We’ve sifted through the “for sale” list inventory of his 50 largest cities in the US. To identify listings certified as “fixer-upper”, we used listing “tag” filters such as “TLC”, “good bones”, “as is”, and “needs repair”. The study then used 11 key indicators of market potential for fixers and uppers in determining its ranking.
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