It’s easy to fall under the spell of reality TV’s quick and dramatic fixer-upper transformations, but don’t be fooled into believing that every project has a fairy tale ending.
Buying a fixer-upper is a great way to get into the market, but it’s a huge decision that shouldn’t be taken lightly. Here are a few things to consider if you’re ready to take on the task:
Have the home inspected by a highly qualified professional to help make sure you don’t end up with a structurally flawed money pit.
Set your renovation budget with a bit of wiggle room to allow for any unexpected surprises. The same goes for your timeline as delays are inevitable.
Fixing up a home is a great opportunity to learn new skills, but it’s also important to know your limits. Mistakes can be made while painting but tiling, for instance, is a one-shot deal.
The unexpected twists and turns of a renovation will drain time, money and energy. Living with the mess can also be stressful so make sure you and your partner have a solid relationship.
It’s important to think long-term and try to determine what your newly fixed-up home will be worth to the next set of potential buyers.
Buying a fixer-upper can be an extremely rewarding experience but it’s also a lot of work. It’s therefore important to carefully examine the pros and cons and to be clear about whether you’re willing to undergo a full-on renovation or just a little cosmetic work.
Whatever you decide, please don’t hesitate to get in touch if you have any questions!
Whether you're buying or selling, Annette looks forward to helping you with your Kitchener-Waterloo real estate needs!
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