Welcome to realestatetipspk brought to you by Brookfield Residential. Hi everyone, and welcome to another edition of realestatetipspk. Today I'm joined by Eddie D'Ambrosio, Real Estate Agent with Remax Elite, and today the question we're gonna answer is
buying a fixer upper house?Tips :
1 Pros and Cons2 What to look for
3 Should you tear it down
Pros and Cons:
"What are the pros and cons of buying a home that needs renovation or upgrades? So Eddie, let's say I you know, I found a really nice home in a great location but it needs a lot of touch-up.
So what are some of the pros and cons of buying house that means those touch ups?
Well one of the pros might be might be a price point. Oftentimes properties that need a little bit more work require some renovation, they're typically priced a little bit lower in the marketplace then a move-in-ready property, so I think prices is a really good consideration with a property that needs a little bit of work-- But wouldn't the opposite say, while it's priced lower the amount of work that would be required to bring it up to I guess maybe your standard or even a code standard would be a little bit higher than what you're actually paying for right? Yeah and it very well could be and so--and I think
that's actually one of the factors that brings those properties value down a little bit is that unknown so there are just going to be fewer people that are that are comfortable with you know, delving into that risk of--what are renovation costs and so you see that a property needs a new kitchen you know, knowing what that costs is so important so that you can factor that into the budget and so for a lot of people they're not comfortable with that and so when--if maybe that is what you're thinking of doing to your property you might be able to get a better price on that home. Would something like a home inspector be something that you'd want to take a look at in terms of just
going through the house and seeing what are some of the costs that you'd need to apply as well?
Definitely yeah, definitely a home inspector is a great idea especially with these older properties that require renovations because you know, one of the risks associated with older homes needing more work is that they may need more surprise work as well, so that's where a good property inspector comes in because they are equipped with the experience.
What to look for:
and the tools to be able to determine maybe some of the more higher cost hidden items that may need to be addressed. All right, in your opinion do you have a couple of key things that you want to take a look at in terms of something that needs renovations or upgrades that would you know, you'd go into a new home or I mean a resale home and figure--okay these are the things that I really need to look at if it, if they don't have these things then you know, it probably isn't for me.
yeah and so and I think that can vary a little bit just depending on the buyer, it just depends on your experiences and your abilities. If you can, if you're a great painter and you see a property that just needs some paint, that's a great opportunity for you to negotiate a lower price on the property and then complete some of that work yourself but I think a great starting point is you know, the location of that property, does the location
make sense? Is that a hot area or a slower area. And then the bones, they always always say the bones of the property. What's the structure like, how's that layout? Is it something that you can work with and make into your dream home? Is there a point where you say, I really like this location, I like the neighborhood that I'm in but I don't like this house. So is it like--would you.
Should you tear it down:
recommend tearing certain houses down after you purchase it and just rebuilding it, or is that cost just too much? Well you know, in some communities that is so common we see that with the infill conversation quite a bit now and so if you live in one of those really popular central communities it then infill definitely is a great consideration if you maybe live a little bit further out in a newer community then that's typically not going to be--really going to be an option to just tear down it and build new, and that's where renovating is very popular.
Are there any other pros and cons of buying a home that needs renovations or upgrades that you can add? Well you know what, the the brilliance with finding a property that needs a little bit of work is that if you're up for the task you can get a great price and make that home truly your dream home, you can you have a chance to completely refinish it the way you want so I think that's a huge pro and why I
love helping clients with with these renovation buys. Perfect, well thank you very much Eddie. Thank you very much everyone for joining us and we'll catch you next time. That's another edition of (Realestatetipspk). Tune in next time for more expert tips and tricks and visit (Realestatetipspk). ca to bring you one step closer to finding your dream home. As with everything it would be great if you like information post and share our Post, also please let us know if you have any home buying questions you want us to answer.