Many people have heard the term fixer-upper houses, but not everyone knows what they really are. These are usually old homes that require substantial repairs or renovations for them to be livable. Fixer-upper homes often attract a lot of expenses and responsibilities. But although they come with a lot of financial and logistical obstacles, they’re often very affordable. The rewards they offer if things go well can outweigh the challenges of getting it into decent shape. Getting a fixer-upper home can be tricky, but working with the best realtor in Victoria BC, Brad McLaren, can make it less of a hassle. The rest of this article will help you with understanding fixer-uppers before you buy.
Understanding Fixer-Uppers Before You Buy
- The Flaws Of Some Fixer-upper Houses Can Be Fixed
- Fixing Some Flaws Can Be Expensive
- Evaluate The Renovation Costs
- Ask For A Discount
The Flaws Of Some Fixer-upper Houses Can Be Expensive To Fix
Fixer-upper houses can either be ugly or a total wreck. Buying an ugly house can still be profitable they need cosmetic makeovers like paint jobs, refinishing, and polishing to make them attractive. On the other hand, houses that are a total wreck require major renovation to get them back in shape. The buyer may end up rebuilding a large portion of the house. Ugly houses are often easier to fix than houses that are a total wreck, making them a better investment most times.
Fixing Some Flaws Can Be Expensive
Fixer-upper houses can be pretty expensive to fix. Some fixer-upper houses, like the total wrecks, may require major renovations in key areas of the house. For instance, the buyer may have to replace the roofing, finishing, and fixtures and even fix the foundation and structure problems. There may also be major replacements with septic, sewage, and HVAC systems. These replacements often cost hundreds to thousands of dollars. If the homeowner lacks the financial capacity to handle this, then they should think twice before getting into such a project.
Evaluate The Renovation Costs
When buying a fixer-upper house, buyers must ensure they evaluate the cost of renovating the house. This is how they can determine if the house is worth buying. They can conduct personal research on the home and the area where it is located. Buyers can also hire the services of a professional to evaluate the home before buying it. Evaluating the cost of renovating the home is not only to determine if the home is worth its value. It also helps buyers create a budget and work within the budget.
Ask For A Discount
An advantage of buying fixer-upper homes is the opportunity to save a lot of money. Typically, these types of houses are about 60% to 80% below their initial worth. The buyer can even make more profit if the home has been on the market for a long period because sellers would be in a hurry to sell. Depending on how fast they wish to sell, they may even offer a discount or consider the request for a discount.
Do you need a reliable realtor to help you get an affordable fixer-upper home? Contact Brad MacLaren, the top realtor in Victoria BC, today. Brad is a reputable realtor who can help you find fixer-upper homes with little or minor work and advise you on the project for optimal returns in the future. Still looking for the property of your dreams? Check out our page of fabulous real estate listings around Victoria.