WANT TO BUY OR SELL A PROPERTY?
– 10 Tips – How To Buy A Fixer-Upper (Part 1)
Buying real estate is an age old way to build your wealth
but not all homes appreciate value at the same rate.
If you want to maximize your return on investment when you sell, you’ll want to look for homes where you can increase the equity beyond market appreciation. Fixer-uppers are perfect for this, but are not for the faint of heart!
They are a challenge in both budgeting, vision, creativity & ultimately your tenacity! If you can make it through, the feeling of accomplishment when you’re relaxing in your dream space is beyond compare!
Hit a home run with our
Top 10 Tips For Buying A Fixer-Upper!
It’s packed full of so much knowledge we’ve had to break it up into 2 parts, so be sure to take a look at PART 2 here…
Check out the video or scroll down to keep reading our first 5 Tips for Investing In A Fixer-Upper…
____________________________________________________________
– 1 –
Location is everything — you can change a lot about a home, but moving locations isn’t one of them. Be sure to find a fixer-upper in a neighbourhood you love or that has a lot of local amenities!
____________________________________________________________
– 2 –
Layout is important — taking a wall out is often easy enough, but if you have dreams of transforming a war-time home into an open concept modern gem, you’ll want to have an architect or structural engineer come in to assess what’s possible & if it’s within a reasonable budget.
____________________________________________________________
– 3 –
Determine if it’s too much to take on — It’s all fine & well to sit back to imagine all of the possibilities, but full guts & renos can quickly take a toll on your budget.
Most first time buyers will ideally find a home they can reno while they live.
This means taking on a project at a time so, over a few years, they create their dream space.
If you have a home to sell, you may be in a position where you can buy a home that needs a bit more & do the extensive renos before you move in…
Either way, you’ll have a budget & will need to determine if you can afford to complete the transformation in one go, or if you can complete the necessary rooms while you save for the next renovation.
____________________________________________________________
– 4 –
Save With DIYs – some renos you can easily do yourself (think demolition, painting, some flooring, etc), while some you should enlist the help of a pro.
Doing as much as you can yourself will save you money, but not time. These are the things you will need to consider before diving in — “Can I afford the time to do these tasks or will I need to spend more of my budget on labour?”
____________________________________________________________
– 5 –
Permits Are Important — some people cut corners by not applying for permits… the cost savings, the time savings (no waiting for inspections) & sometimes people just don’t know they should have them!
This is a short term win for a long term loss… when you go to sell, having these permits means Buyers will feel secure in your renos & not having them can cost you in remediation expenses.
Do it right the first time & feel secure in your investment.
____________________________________________________________
Use these tips & a great REALTOR® to help maximize your investment — if you’re thinking about buying a fixer-upper we’d love to help!
– Keeping it Genuine –
Your Realtors,
The Edwards Team Of Todd Real Estate Ltd., Brokerage
The Genuine Blog
