Considering A Fixer-Upper? Here's 4 Things You Need To Know
Tags: fixer-upper, renovation, real estate, newmarket, toronto, joshua campbell, knowledge broker, investment
2 minute read.
If you love a challenge and are searching for your dream home, a fixer-upper may be the solution. This type of property gives you the opportunity to create the perfect home with the features, appliances, and trends that you desperately are searching for in a house. But, purchasing this type of home doesn’t come without its challenges. If you are considering a fixer-upper, here are four things you need to know before you sign on the dotted line.
1. Get a Home Inspection
Many buyers want to skip the home inspection as they know they will be making a significant number of repairs and improvements to the home. But a home inspection should never be ignored. An inspector will look at every detail of the property from the plumbing and the electrical work to the overall safety of the property. During an inspection, you may discover that a lot more work is needed than expected, which can cost you more money and make your fixer-upper a costly and frustrating project.
2. Where is the Location of the Home?
When you are considering a fixer-upper, think about the home’s value and sale potential. For example, the neighbourhood of the home is critical. Even if you turn a home into a gorgeous property, if the house is located in a loud or high-crime neighbourhood, your property value will decrease, you will have a tougher time selling the home in the future, and you may not be as happy living in your dream home.
3. Hire the Professionals
While you may consider yourself a handyman, there are many projects in a fixer-upper that you do not want to tackle on your own. You should hire a professional to complete the work for you. For example, electricians, plumbers, and contractors will not only ensure the tasks are done correctly, but they may provide some creative and unique ideas to transform your indoor living space.
4. Have a Flexible Time Frame
Transforming your fixer-upper is not a project that can be completed in a weekend; it can take a considerable amount of time to turn your home into a dream property. Understand that you will live in a mess for a large amount of time and you will be inconvenienced with workers and a mess in your living space. Work closely with professionals to complete all necessary tasks in a timely manner.
While purchasing a fixer-upper can be an inconvenience, once complete, it can be a rewarding and satisfying experience. Before you begin the house hunt for this type of property, make sure to keep the above four items in mind to ensure this is a process you want to take on.
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JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
249 Avenue Road • Newmarket, ON L3Y 1N8