Questions to Ask When Buying a Fixer-Upper

If you’re thinking of buying a new property, you might come across an opportunity to purchase a “fixer-upper” as a potential investment, or for your next home. In fact, the home might be priced within your budget in just the right neighbourhood, but depending on the condition and work needed, it may be a better fit for someone other than yourself.

So how can you tell if you should buy that “fixer upper”?  This can be a tough decision. Ultimately, you’ll have to weigh the pros and cons before buying a fixer upper. 

Here are some questions you should consider to help you determine if this is the best course of action for you:

• What repairs need to be done to the home and to the property?

• Are there any major items that will need to be replaced soon, such as the furnace or the roof?

• What renovations are needed? How much, realistically, are those going to cost?

• How much of the work can you do yourself?

• How long will it take for the improvements to get done?

• Will you be living in the property during the renovations?...How long will you need to live in a construction zone?

• Are you purchasing the property as an investment property?

• How does the price of a comparable “move in ready” property compare to this one?

The answers to these questions will help you determine if purchasing a fixer-upper is right for you? Of course, before considering any property – especially one that needs substantial work – you should have a thorough home inspection completed, in addition to having interviewing  several contractors to give their professional opinion on the scope of the work needed.

This will uncover any issues you may encounter if you take on the project, while helping answer many of the questions listed above. 

Thanks for taking the time to read The Home Blog.

If you have any questions about potential properties that you may be considering, please contact (416) 577-8011.

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