Buying a fixer-upper home is something that many people consider over the course of their lives. With a lot of shows now putting a focus on fixer-upper homes, it is also becoming even more popular with people. If you are considering purchasing a fixer-upper home, there are a few things to consider as well as some thing to look for when you are buying the home, in Lower Mission or elsewhere. You want to make sure you are ready and that you get a good deal in the process.
Make Sure It Is the Right Decision
While the idea of a fixer-upper home is nice because you can make it into what you want it to be, there is a lot of hard work that comes along with the deal. Before you even start looking at fixer-upper homes in the area, you want to make sure that you are up for the challenge.
This means that you need to take a really look at what it takes to get the job done. Consider whether you will be staying in the home during the renovation and if you can handle it. Also consider how long the renovation of the home will take. Will you be involved in the work to cut costs, or will you simply pay the contractors for the work? Make sure you have all of this decided before you make the purchase of the home.
Look for a Good Deal
One of the most important things you need to look for when you are about to buy a fixer-upper is that you get a good deal. You will be spending a bit of money to get the home renovated and you do not want to spend more than the home is worth on these. Ideally, you want to get a discount on the property because of all the work that is needed and when you add in the renovation costs, you want to make sure that you do not out-price the neighborhood.
If you do this, then when the time comes to sell the property, you may find it very difficult if the home is worth more than any other home on the block. The key is to work with a real estate agent who has done these kinds of deals before and knows what to look for. They can help you find the best deal for what you are looking for.
Invest in a Thorough Inspection
Even though you are going to be doing some extensive work on the home, you still need to know what you are facing when you start renovating the property. This means that you need to get a good inspection done of the home. You want to have as little surprises as possible on the home. If there is a termite problem, you want to know that before you start getting into the renovation.
If there are more repairs than you were planning on, it may not be a deal breaker but it may cause you to offer less on the home because you are going to have to put more into the renovation. The cost of an inspection is more than worth it when you purchase any home but especially when you are purchasing a fixer-upper. The process of buying a fixer-upper home is a fun one and renovating it is even better but you want to make sure that the home choice is the right one of you could fall in a money pit.
For more information about buying a home in Kelowna Contact Greg Clarke
Greg Clarke Kelowna Royal Lepage Realtor
#1-1890 Cooper Rd., Kelowna, BC,
V1Y-8B7
Canada
Phone: 250.869.9119
gregclarke@royallepage.ca
www.GregSellsKelowna.com
