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Home Affordability

What You Need to Know Before Buying a Fixer Upper

Mackenzie Scibetta by Mackenzie Scibetta
May 26, 2023
in Affordability, Buying a Home
Reading Time: 3 mins read
A house that needs repair
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Are you considering buying a fixer-upper? While it can be a great way to save money and get a home that suits your unique tastes and needs, it’s important to know what you’re getting into before you sign on the dotted line. Here are some things to keep in mind:

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1. Understand the Cost

Buying a fixer-upper can be an affordable alternative, however, it’s important to understand the potential true cost of the project before you start. To ensure that you’re aware of the necessary repairs and their associated costs, get a thorough inspection of the property. Make sure to check the quality of the foundation, roof, electrical and plumbing systems. Additionally, it’s crucial to consider the expenses for permits, materials, and labour in your final budget.

2. Know Your Limits

While DIY projects are fun and rewarding, fixer-uppers often require extensive work and time. If you’re not handy with a hammer or don’t have experience with major renovations, you may want to think twice before taking on the challenge of a fixer-upper. Hiring professionals to do the work can be expensive, but it may be necessary if you want the job done right.

  • Read: 6 Ways to Spruce Up Your Home on a Budget

3. Consider the Time Frame

Transforming a fixer-upper into your dream home can be time-consuming. If you’re on a tight schedule or have other commitments demanding your attention, a fixer-upper may not be your best choice. Make sure you have a realistic idea of how long the project will take and whether or not you have the time and energy to see it through.

4. Factor in Resale Value

If you plan to invest in a fixer-upper, ensure that it doesn’t become a financial burden by costing more than its actual value. It is possible to strike a good deal on the property, however, make sure that any renovations made will increase the property’s value in the long run. Research the market and talk to real estate professionals to get a sense of what buyers are looking for in your area and what features can help make the property stand out.

  • Read: Home Renovations That Will Give You The Best Return on Investment

5. Have a Plan

Finally, it’s important to have a plan before you start a fixer-upper project. Without a clear plan and budget, your fixer-upper is at risk of becoming a money pit. Know what you want to achieve and how you’re going to get there. Create a budget, timeline, and list of priorities to keep you on track. With a solid plan in place, you’ll be better equipped to handle any unexpected hurdles or delays.

If you’re ready to find your next home, we can help! From fixer-uppers to chic condos, our qualified real estate agents can help you find your dream home.

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Mackenzie Scibetta

Mackenzie Scibetta

Mackenzie Scibetta is a seasoned Content Marketing Specialist at Zoocasa, where she brings her expertise to the world of real estate. As a dedicated real estate writer, Mackenzie's primary goal is to equip home buyers and sellers with the most up-to-date market insights, enabling them to navigate their real estate ventures with confidence. Mackenzie's writing is characterized by its depth and breadth, covering a wide range of topics related to the real estate industry. From exploring the intricacies of mortgages to meticulously tracking and analyzing trends in local markets across Canada and the U.S., Mackenzie is known for her comprehensive and data-driven reports. Her commitment to providing valuable information is evident in the consistent quality of her work. Mackenzie's research and insights have earned her recognition from prominent media outlets. Her expertise has been featured in BNN Bloomberg, CTV News, the National Post, The Globe and Mail, and even The New York Times. These accolades underscore her position as a trusted authority in the field of real estate.

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