Real Estate Tips for Buying a Fixer Upper
Wednesday Aug 30th, 2017
With proper due diligence and the right real estate sales representative on your side, buying a fixer upper can be both a satisfying experience and a smart investment. But, there are some important considerations to keep in mind to ensure a smooth buying experience, followed by a trouble-free ownership experience:
A fixer upper in a fantastic neighborhood is sure to pay big dividends for the savvy buyer – especially one working with an experienced realtor who knows the ins and outs of the most desired communities.
If you plan to purchase a fixer upper with the intention to sell, make sure that the property appeals to the largest pool of buyers. Your real estate representative can help you hone in on the type of home that people in any given neighbourhood are looking for. For example, if you are purchasing a single family house in Mississauga, look for one with three or more bedrooms and at least two full bathrooms.
When buying a fixer upper, look beyond the home’s current floorplan and envision the best layout to suit your lifestyle or your target demographic, should you decide to sell after you invest some sweat equity. The trend today is for a home with an open floorplan and rooms that flow seamlessly between one another.
Bang for Buck
Avoid any homes that require costly makeovers, like shoring up a sagging foundation or addressing other major structural issues. Instead, think cosmetic fixes – fresh paint, new bathroom fixtures, hardwood floors, a new roof or energy-saving windows. All are relatively inexpensive fixes that enhance the beauty of your home, but also its resale value.
Before you buy a fixer upper, be sure to invest in a home inspection, which can save you thousands of dollars in the long run by identifying key issues and repairs. You may even want a structural engineer to examine the property as a condition of sale. If you need a recommendation for an inspector, be sure to ask your real estate agent for their most trusted contacts.
Thinking about purchasing a fixer upper? If so, I can help.
As an experienced real estate sales representative serving Mississauga and the Greater Toronto Area, I’ve had the pleasure of assisting hundreds of buyers to find their next home. Together, I can help you navigate the highly competitive market to not only find the perfect diamond in the rough, but one that is a solid investment offering great returns. Want to learn more? Please feel free to contact me here.