Are you looking for a traditional home with character? Drawn to mature neighbourhoods with tree lined streets? You may have thought about how far your money would go if you bought a home that needed some updating. Many home buyers prefer established neighbourhoods, but aren't prepared to purchase a property for its increased cost after the renovations have been completed by someone else. The best part about taking on the project yourself is that you can modernize the home exactly the way you want.
So how do you determine if the home is worth fixing up? Although many "fixer uppers" are priced with some consideration for the amount of work that needs to be done, some sellers tend to price a dated home more geared towards its "potential value". The key is finding the right property within your budget that once improved, will be worth the additional money you invested for upgrades.
The most important thing do to before you make an offer is to review what the other homes are selling for in the immediate area. Are updated properties selling for significantly more? Does it seem worthwhile to improve a home in this particular area? Look for positive trends in the area that indicate that demand is high. Although buying a home is a largely emotional decision, don't forget to take a step back and evaluate the property purely from an investment standpoint.
Determine the cost of your project. The most expensive and the most important elements of your new home are not found in the esthetics. The roof, plumbing, heating, structure and electrical are the five costliest components of the home. If you come across a home that looks dated, but the owner has kept up with the repair and replacement of these five components, this is the ideal property for cosmetic renovations.
Get a home inspection. Although you can get some indication of the condition of the home during your showing, a detailed professional opinion will allow you to buy with confidence knowing more about the condition of the home. An inspector will be able estimate the lifespan of the various elements of the home, and make suggestions about which areas will need attention first. Ready to take on your next project? Your dream home could be just around the corner as long as you can see the potential.
Buying, selling or investing in a home in Calgary? You'd need an area expert who'll listen to your needs and guide you to the best deal. I'll be your guide from A to Z. Contact me now at 403.650-1796 or at firstname.lastname@example.org and let's get the job done fast and the way you want it!
Linda James is a top-producing realtor at RE/MAX Mountain View with over 14 years of experience, and is a member of RE/MAX's Hall of Fame and Platinum clubs, and CREB's Million Dollar Club. Having lived in Calgary all her life, she has in-depth local knowledge. She also has a strong background in construction and business analysis, which she uses to help her clients find the best price points, and links to reliable financiers, real estate lawyers, home inspectors and appraisers. Linda zooms in on her clients' needs and uses her knowledge and network to get them the best deal fast.