Renovation Costs Are Rising: Why Buyers Prefer Move-In-Ready Homes

Renovating a home has become far more expensive than many buyers expect. Rising labour costs, higher material prices, and supply chain problems have pushed renovation budgets well beyond what they were only a few years ago. Even buyers who once enjoyed taking on renovation projects have started thinking twice.

Because a low-end remodel now typically costs between $15,000 and $40,000. A mid-range renovation usually falls between $40,000 and $75,000, while high-end remodels can easily exceed $150,000 before unexpected costs are even considered.

Demand surges for fully finished homes as wealthy purchasers prioritize time savings, design consistency, and high construction standards over renovation projectsphoto provided by contributor

The spending doesn't stop once the renovation is finished. Research also shows that more than 62% of fixer-upper owners spend over $6,000 every year on additional repairs, maintenance, and upgrades. Those ongoing costs slowly add up, making the total investment much larger than many buyers originally planned.

When wealthy buyers compare those numbers with the price difference between a fixer-upper and a finished home, the gap often looks much smaller than expected. Paying more upfront can actually reduce financial uncertainty later. Instead of budgeting for one renovation after another, they know exactly what they're buying from the start.

The challenge is that renovation budgets often change once construction begins. What appears to be a simple upgrade can uncover outdated systems, structural concerns, or additional work that was not visible during the buying process.

JR Girskis, President of Suburban Construction Inc, works with homeowners on construction and renovation projects where planning and execution are critical factors.

“Many homeowners underestimate how quickly renovation costs can expand when a project uncovers additional issues,” Girskis says. “The most successful renovations begin with a realistic understanding of the home's condition. Move-in ready properties appeal to buyers because much of that uncertainty has already been addressed before they take ownership.”

Beyond the cost of unexpected repairs, buyers are also paying closer attention to whether improvements were completed properly. A recently renovated home only delivers value if the work was done with quality materials and professional standards.

https://resident.com/real-estate-resources/2026/07/10/the-growing-appeal-of-move-in-ready-homes-among-high-income-buyers-seeking-convenience-and-quality