Pop-culture has sold us a bit of a rose-colored picture on the concept of buying a fixer-upper. Through a little bit of elbow grease, you can turn a cheap buy into your dream house. Right? Not always. Like any other hope, fixer-uppers aren’t all created equal. Some people go into it willing to put in the work, but not fully understanding the amount required or the financial commitment involved. So, before you and your real estate agent in Victoria, BC opt to buy that fixer-upper property, here are a few things you need to consider.
What To Consider When Buying A Fixer-Upper
Where do things need to be fixed? Ideally, you want the bulk of the issues with the home to be things that you can repair for cheap, whether that means working on your own or with local contractors. For example, something like a new paint job or even drywall may not be that hard to do on your own, especially if you’re pretty handy. However, if you need to overhaul the plumbing or electrical work, you’re going to need a professional, and that may not come cheap. Suddenly, that cheap buy isn’t quite the deal you thought it was. For this reason, it’s a good idea to make sure that you have a sizable buffer in your budget when considering a fixer-upper.
Know Your Financial Situation
How will you pay to renovate? Part of the struggle for people looking to buy a fixer-upper is the fact that they are probably financially exhausted from paying for the property. As a result, you need to think of ways to pay for the renovations you need. There are a few options here. Some people opt to look into renovation loans, while others will even take on credit card debt. Just make sure you have a plan before you buy, that fits your financial situation.
Know Your Reasons
Another important factor is to consider your reasons for buying a fixer-upper. Is the project a creative outlet for you? People buying fixer-uppers just to save money will likely find the process frustrating. The ability to enjoy building up a house of your own is a major part of the appeal. Does this apply to you? If not, perhaps consider checking out our page of wonderful Real Estate Listings in Victoria, BC instead.
Consider Safety
Is there a safety/comfort factor? An inspection will likely keep you from buying a home that’s actively dangerous to live in. However, depending on what needs to get fixed, you may be losing some major quality of life until you make certain repairs/upgrades. Be sure to be mindful of this. Are you willing to live without some amenities or in discomfort for a while? If not, is there a place you can stay before the work is done?
A fixer-upper isn’t necessarily a bad purchase to make. For some people, it may appeal to their DIY sensibilities. For others, it may make a one-of-a-kind chance to enter a neighborhood that may be out of your price range otherwise. It’s just important that you fully understand what the decision entails so you don’t regret it later. To compare one fixer-upper to another, it’s essential that you have the support or insight of the best realtor in Victoria, BC. If you are ready for a consultation or other services, reach out to our team today.