A fixer-upper is a real-estate property that will require maintenance work (redecoration, reconstruction or redesign) though it usually can be lived in as it is.

They are popular with buyer

Buyer

When someone gets characterised by their role as buyer of certain assets, the term "buyer" gets new meaning:A "buyer" or merchandiser is a person who purchases finished goods, typically for resale, for a firm, government, or organization...

s who wish to raise the property's potential value to get a return on investment, a practice known as flipping

Flipping

Flipping is a term used primarily in the United States to describe purchasing a revenue-generating asset and quickly reselling it for profit...

, or as a starter home

Starter home

A starter home or starter house is a house that is usually the first which a person or family can afford to purchase, often using a combination of savings and mortgage financing. In the real estate industry the term commonly denotes small one- or two-bedroom houses, often older homes but sometimes...

 for buyers on a budget. Home-improvement television shows touting do-it-yourself renovation techniques have made fixer-uppers more popular, but during a real-estate downturn, with newer homes available at depressed prices, there is often reduced interest. Inexperienced buyers frequently underestimate the amount and cost of repairs necessary to make a home livable or saleable. Structural and service issues such as a home's foundation or plumbing, which may not be visible at first, can require expensive, professional contracting work.

According to Jack C. Richards in his book Interchange (Third Edition) Volume Three, the expression 'Fixer-Upper' describes a place for sale at a lower price because it needs a lot of repairs.

Film and television

Many comedy films have used fixer-upper renovations as a central part of the plot, among them:

• Are We Done Yet?
  Are We Done Yet?
  Are We Done Yet? is a 2007 family comedy film starring Ice Cube. The film is both a remake of the classic Cary Grant comedy Mr. Blandings Builds His Dream House and a sequel to 2005's comedy Are We There Yet? The film was directed by Steve Carr from a screenplay by Hank Nelken...
  
  (2007)
• The Money Pit
  The Money Pit
  The Money Pit is a 1986 comedy film and remake of Mr. Blandings Builds His Dream House. Directed by Richard Benjamin and executive produced by Steven Spielberg, the film stars Tom Hanks and Shelley Long as a couple who attempt to renovate a recently purchased house. The Money Pit was filmed in New...
  
  (1986)
• Mr. Blandings Builds His Dream House
  Mr. Blandings Builds His Dream House
  Mr. Blandings Builds His Dream House is a 1948 American comedy film directed by H.C. Potter and starring Cary Grant and Myrna Loy. The film was written and produced by the team of Melvin Frank and Norman Panama...
  
  (1948)
• George Washington Slept Here
  George Washington Slept Here
  George Washington Slept Here is a 1942 comedy film starring Jack Benny and Ann Sheridan. It was based on the 1940 play of the same name by Moss Hart and George S. Kaufman, adapted by Everett Freeman, and was directed by William Keighley...
  
  (1942)

Flipping of rundown houses has also been the subject of various reality television

Reality television

Reality television is a genre of television programming that presents purportedly unscripted dramatic or humorous situations, documents actual events, and usually features ordinary people instead of professional actors, sometimes in a contest or other situation where a prize is awarded...

 shows, including:

• Flip That House
  Flip That House (TV series)
  Flip That House is an American anthology series created by the Discovery Home Channel and now also airing on TLC. Each episode shows a different individual in the process of flipping a house...
  
  
• Flip This House
  Flip This House (TV series)
  Flip This House is an American television series that airs on the A&E television network. Each episode spotlights the purchase and renovation of a single unit...
  
  
• The Real Estate Pros
  The Real Estate Pros
  The Real Estate Pros is a television series which airs on the TLC network. Each episode stars Richard C. Davis and his crew from Trademark Properties of Charleston, South Carolina as they purchase and renovate a piece of real estate...