Depends on the manufacturer. I've had good luck with Dell's refurbs and outlet store over the years.
On the other hand I bought a refurb projector from BenQ and it was straight up junk. The focusing mechanism breaks easily. It's quite clear this is a design flaw, I assume a gear that's weak plastic that should be something more durable instead. I've sent it back twice now to have it fixed, paying shipping each time under their terms. The last time I got it back it died with just 15 hours of use. It's clear they knew this thing was a straight up lemon and just used their refurb program to dump the product. It certainly means I'll never touch another BenQ product so long as I live.
On the other hand I bought a refurb projector from BenQ and it was straight up junk. The focusing mechanism breaks easily. It's quite clear this is a design flaw, I assume a gear that's weak plastic that should be something more durable instead. I've sent it back twice now to have it fixed, paying shipping each time under their terms. The last time I got it back it died with just 15 hours of use. It's clear they knew this thing was a straight up lemon and just used their refurb program to dump the product. It certainly means I'll never touch another BenQ product so long as I live.