Buying a fixer-upper can be a great way to get into the market – especially if you are working with a limited budget. That said, these types of purchases (and the renovations that follow) are usually a little more complicated than they appear on the surface.
If you’re not careful when buying a fixer-upper, you could find yourself in over your head. This could lead to financial stress or you feeling stuck with a home that feels half-finished.
In this blog, we’ll touch on how you can protect your investment (and peace of mind) while on the hunt for the perfect fixer-upper. Let’s jump in.
It’s All About Balance
Finding the perfect fixer-upper is all about balance. In a nutshell, you’re looking for a home that needs some TLC, but not too much. While it might be tempting to buy a home that’s listed well below the market average, you could actually end up overspending in the long run. On the other hand, if you buy a home that’s more or less in tip-top shape, you likely won’t be getting much of a bargain.
How Much Work is Too Much?
The recipe for a smooth home improvement project can vary from person to person. There’s a lot that goes into “fixing up” a fixer-upper, but the big three are time, effort, and money. With that in mind, finding a suitable fixer-upper home will depend on your personal goals, capabilities, and financial resources.
Looking to buy a home in Durham Region or the Kawartha Lakes? Check out these other pages from our site for helpful info and insights!
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Be Realistic
Fixing up a home is by no means a small process. Lots of buyers love watching home improvement shows on TV – and we do too! However, while these programs can be entertaining, they don’t always give the most accurate picture of what it takes to transform a home from start to finish.
So, as you look for the perfect fixer-upper, you’ll need to be realistic about your ability to take on this type of project. If you stumble upon a house that needs a complete gut job and you’ve never picked up a hammer, it might be time to reconsider.
Are You Ready For The Stress?
Understanding your capacity to manage a major home improvement project isn’t just about technical skills. You’ll also want to think about how long you’re willing to endure the emotions that come with it.
Any way you slice it, renovations can be stressful. Fixing up a home to the point where you’re totally happy with it can be a months-long (if not years-long) process. So, this pathway will require patience regardless of which home you buy. However, if you pick something that needs a whole lot of TLC, you may find yourself feeling stuck in limbo for quite some time as you work on your home.
Getting ready to buy a home? Check out these other pages from our site for helpful info and insights!
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- How to Maximize Your First Home by Moving Outside of Toronto
- Moving Up to a New Home – Should You Buy or Sell First?
Always Get an Inspection
Getting a professional property inspection is an essential part of any home purchase – including fixer-uppers. Even if a seller is positioning their home “as-is” and is upfront about certain issues or areas where the property may need work, you’re going to want a complete and transparent picture of the home’s condition. The best way to do that is with a professional inspection.
A thorough inspection can reveal hidden issues that might not be apparent during a standard viewing. Plus, if certain concerns are revealed during the inspection, it could be a useful bargaining chip as you negotiate the price of the home.
We’re Here to Help
Like any purchase, finding the perfect fixer-upper starts with finding a great real estate agent who can help. That’s where we come in!
With more than 175 years of combined real estate experience in Durham Region and the Kawartha Lakes, our team knows everything there is to know about local homes and properties. Whatever your ideal home looks like, we can help you find it.
On top of our home buying expertise, we can also connect you with trusted local contractors and professionals who can help you bring your dream home to life.
Looking to buy the perfect fixer-upper (or whatever your dream home looks like)? We’re here for you. Call 905-985-7300 to reach our team or click here to send us an email.
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