Pros and Cons of Buying a Fixer-Upper

Fixer-uppers are getting more attention than ever.

Searches for homes in need of some TLC have tripled since 2021. And these homes now receive over 50% more online views than similar listings.

Lower price tags and the chance to customize a property both have strong appeal. But fixer-uppers also come with risks that can turn dreams into costly mistakes.

If you’re thinking about buying a fixer-upper in Northern Virginia, here’s what the data says, along with the pros, cons, and pitfalls to avoid.

The State of Fixer-Uppers in Today’s Market

Nationally, fixer-uppers come with a median price of $200,000 — a steep 54% discount compared to the $436,250 median for single-family homes.

In July 2025, 79,175 fixer-uppers were listed across the country, up nearly 19% from 2021. But even with more listings on the market, fixer-uppers make up a smaller share of total inventory: just 5.2% today versus 6.1% four years ago.

The typical fixer-upper was built in 1958, offers about 1,628 sq. ft. with 3 bedrooms and 2 bathrooms, and takes slightly longer to sell — averaging 53 days on market compared to 50.5 days for other homes.

The Pros of Buying a Fixer-Upper

• Lower Costs: Typically listed below move-in-ready comps, which can mean a smaller down payment and more affordable monthly mortgage.
• Customization: Open the kitchen, add a deck, or update finishes — shape the home to your style and needs.
• Less Competition: Many buyers still prefer turnkey homes, giving fixer-upper shoppers more negotiating power.
• Equity Potential: Smart, targeted renovations can boost value and build equity faster — even modest upgrades like refinished floors or refreshed baths.
• Quality & Creative Control: Choose the contractors, materials, and colors that fit your vision.

The Cons of Buying a Fixer-Upper

• Hidden Costs: Renovations often run higher than expected. A prudent buffer is 10%–20% above your initial budget for surprises.
• Time & Disruption: Permits, contractor timelines, supply chain delays — plan for mess and inconvenience if you’re living through the work.
• Resale Risks: Over-improving beyond neighborhood norms can cap your return; a luxury kitchen in a modest area may not pencil out.

Key Factors to Evaluate Before Buying

• Location & Neighborhood: Weigh commute, schools, crime, amenities, HOA rules, and long-term development plans.
• Structural vs. Cosmetic: Paint and flooring are manageable; foundations, roofs, and major systems can blow up budgets.
• Resale Potential: Aim to keep total investment within 10%–15% above the neighborhood median to stay marketable.
• Timeline: Cosmetics (weeks); kitchens/roofs (months); full gut renovations can stretch to a year or more.

Common Pitfalls to Avoid

• Overestimating DIY skills (safety, code, and finish quality all matter).
• Underestimating time and costs (labor + materials + permits add up quickly).
• Skipping permits (building, electrical, plumbing) and risking compliance or resale issues.
• Ignoring local zoning/HOA rules that could block your plans.
• Overpaying upfront and squeezing the budget you need for critical repairs.

These missteps are avoidable when you partner with a local pro who understands the Northern Virginia fixer-upper landscape and contractor ecosystem.

Key Takeaways for Northern Virginia

• Know the numbers: Track pricing, inventory share, and days on market for fixer-uppers in your target neighborhoods.
• Explore financing early: Consider options like conventional with renovation escrows or specialty loans that bundle improvements.
• Budget & timeline: Set realistic expectations — and protect your contingency fund.
• Balance DIY with pros: Save on cosmetics; use licensed experts for structural, electrical, plumbing, and roofing.
• Never skip inspections: Add specialized inspections (sewer scope, chimney, mold) when red flags appear.