“Cheap Old Houses ”Stars Return with New HGTV Show that Gives Fans What They've Wanted: The Makeover (Exclusive)

Elizabeth and Ethan Finkelstein, the couple behind the Cheap Old Houses Instagram account, tell PEOPLE what to expect from their latest series

When Elizabeth and Ethan Finkelstein began their popular Instagram account, Cheap Old Houses — which inspired an HGTV series of the same name in 2021 — their intention was simply to show bargain hunters how to find older homes.

However, their realization that people in their audience are actually buying the houses they post and seeking guidance on how to restore them led to a new angle for the network: Who’s Afraid of a Cheap Old House?

In each episode of the revamped series, which premieres May 14, the married couple will tour two listings priced at under $150,000 with prospective buyers, and then help them overhaul the property they purchase along with interior designer Jennifer Salvemini and architectural designer Scott Reed.

“We're really excited on this season to be able to show people that, yes, people in real life are doing it and yes, on this television show, we're doing it. And here are ways you can do it without breaking the bank, respecting the architecture of the house,” Elizabeth tells PEOPLE.

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When planning the show’s updated format, the hosts asked their followers to vote for their favorite name, and the new title was overwhelmingly the winner.

“What I love about the name is that it's quite captivating in that it kind of scares you into wanting to watch this show,” Ethan tells PEOPLE. “These are pretty cheap houses that need a lot of work. And it kind of begs the question, ‘Are you afraid of a cheap old house?’ Would you do this with your life?”

Elizabeth adds, “When everybody thinks of old houses, the first thing anybody says to us is, ‘Oh, have you ever seen The Money Pit?’ So I think that people have this idea of old houses as being very, very scary and intimidating. So I think it's really fun that for the first time we're able to put something out there that shows that they're actually not.”

The upcoming eight episodes will feature homes in traditional architectural styles — Colonial Revival, Craftsman, Tudor and Queen Anne — as well as more unconventional abodes, such as a firehouse and a church.

“What's really fun is the variety in the houses,” Elizabeth says. “I think our audience, they're very outside-the-box thinkers. These are people who would take on a house that a lot of people would turn down.”

“I think people will feel very refreshed to see that the houses, while they get restored, we keep everything that everybody wants to see us maintain, which is really fun,” she adds. “At our hearts, we want to make sure that old houses are very respected and we are so grateful that we've been given the opportunity to do this on television.”

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Elizabeth, a historic preservationist, and Ethan a historic build expert, both have personal backstories that led to their love of old homes.

Elizabeth says she grew up in a historical home that her parents restored, which she considers “the most special house ever.”

“I think a lot of people think renovation will kill you as a couple, but that was not what I saw,” she says. “I saw my parents fall in love through their bonding of working on this house. And I think to me, it really defined who we were as a family, that we had this shared love of this project.”

For Ethan, it was an “endless hunt for real estate” when the couple lived in New York City that fueled his enthusiasm for more affordable options.

“We just were trying to figure out for ourselves, ‘How do we actually obtain this dream?’" he recalls. “We just kept finding ourselves further and further from New York City and finding ourselves in these rural pockets of America, dreaming about what our lives could be in these old structures."

The Cheap Old Houses Instagram account has nearly 3 million followers, and the two founders weighed in on why browsing these low-cost listings is so addictive.

“I think first of all, people are sitting at work all day,” says Elizabeth. “They're pushing pixels around and here they see this mansion in the middle of a field in Illinois and it's like $10,000 and they could live there, they could afford it. I think it's escapism on so many levels.

“And I think people are incredibly frustrated with the housing market right now,” she continues. “So it's not only feeling like you could have a house, but you could have something that's cool and interesting and gives you purpose and you could learn to use your hands again. And also, it's sustainable. It's bringing something back. It's not contributing to this idea of gut, renovate, put everything new in, and contribute to our landfill situation.”

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The houses that get the most love from fans on social media, she says, are the ones that look like they’re “frozen in time,” with their original details intact.

Ethan adds that people love “quirky conversions.”

“We posted a lighthouse the other day and people just go wild over churches, banks, firehouses. And they're so cheap in some instances and you're just like, ‘Well, that is a house that no one else will ever get to say that they own,’” he continues. “So it's just fun to be able to put your stamp on one of these creative unique properties.”

Who's Afraid of a Cheap Old House? premieres on HGTV May 14 at 10 p.m. ET.

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