If you’re browsing for a home to buy as an investment, don’t dismiss those ugly decrepit homes on the list. If they have good bones, they could be a great source of profit if you put into some elbow grease. Here are some important considerations to keep in mind if you are on the hunt for a fixer-upper property:
Consult a Real Estate Agent
Any home that you purchase will be rooted in a neighbourhood, so it’s important to be aware of the history and expected future of the area. A real estate agent who is very familiar with the area will be able to tell you about factors like a declining crime rate or an upcoming new property development. The resale value of your home will be affected by these factors, so it’s essential that you take in all the information possible before making an offer.
Schedule a Home Inspection
The structural integrity of a home is what separates a high-potential fixer-upper from a money pit. If the home has good bones, all it takes are some upgrades to the finishes by an Ottawa contractor to boost the value of the property. If the building is rife with structural issues, however, these integral problems will cause the costs to balloon. A thorough home inspection will give you all the information you need to know whether you should make an offer.
Planning the Design
Do you plan to sell the fixer-upper soon for profit, or would you like to live in the home for at least a few years? Your design plans will probably differ depending on your goals. A home designed to sell should be upgraded with material choices and styles that appeal to the masses and won’t price the home out of the neighbourhood. You may not see the return on investment that you were hoping. If you’re planning to stay, however, you’re free to make as many unique customizations as you wish.
Estimate from a Contractor
Once you have an idea of what changes you’d like to make on the home, you should get an estimate from an Ottawa contractor. They’ll be able to tell you how much it will cost to repair existing issues and check off each item on your wish list. With professional skill and years of experience, they can turn any fixer-upper into a dream home.
If the numbers add up, it’s time to make an offer and make that fixer-upper all yours.