– 10 Tips – How To Buy A Fixer-Upper (Part 2)
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 check out PART 1 here…
Check out the video or scroll down to keep reading our first 5 Tips for Investing In A Fixer-Upper…
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Get A Home Inspection — knowing the bones are solid is vital to a smooth reno project. A great inspector will also help you determine if the main systems of the home need some attention & help you determine a timeline for when big ticket items will need to be addressed.
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Get Estimates Before You Firm Up – firming up happens when you remove all conditions. Having a contractor through before you firm up allows you to assess an estimate of what the repairs will cost you.
Be realistic in both budget & how much time you can devote to an ongoing project.
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Leave room for unknowns — with fixer-uppers it’s inevitable that you will run into some uh-ohs… finding out some plumbing needs to be replaced, that there’s a crack in the foundation that needs addressing, or perhaps there are some structural concerns that you don’t find out until you’ve take down the drywall.
Keep some “slush” room in your budget so when these pop up, it doesn’t derail the whole project!
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Set A Schedule – knowing the timeline of your renos allows you to preplan… based on when you close on a home, you’ll know what you can tackle now & what might need to wait for warmer weather or more savings in your budget.
A successful reno is all about planning & foresight!
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Think of the future — with all of your design decisions, think ahead to what your resale value will be like.
Buying Millennial Pink cupboards might be on trend today, but when you go to sell, that once beautiful kitchen may end up hurting your value.
Likewise, removing ALL of the tubs in a home reduces the value for families. Same goes for turning that 3rd bedroom into a walk-in closet.
You want to love & enjoy your time in the home but we also want all of this hardworking to pay off when you decide to move.
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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
HELPING BURLINGTON, HAMILTON, OAKVILLE, GRIMSBY, WATERDOWN & SURROUNDING AREAS OF ONTARIO –
The Genuine Blog
