A fixer-upper can be a perfect home for some people because it gives homeowners a fresh canvas on which they can build the home they’ve always dreamed of. However, finding the right fixer-upper home isn’t just as easy as buying the first one available and expecting it to be completely fixable and changeable. Here are five things all homeowners interested in a fixer-upper home should be on the lookout for before putting in an offer.
1. Is the Location Right?
This is one of the few things that can’t be changed in a fixer-upper home. If the buyers don’t like where it’s located, then it isn’t worth all the time, effort, and money spent to make the home perfect for them. When seeing homes for sale, buyers should be sure to ask their real estate agent about the neighborhood, how close the home is to things like schools and places to shop, and so on.
2. Does the Cost Leave Enough for Renovations?
One of the biggest appeals of buying a fixer-upper home instead of a move-in ready home is that they have a lower cost in order to make the home more appealing to the buyers who are going to be spending thousands of dollars doing renovations that wouldn’t be necessary in a move-in ready home. For this reason, home buyers should make sure they’re getting a good deal and also know how much money they’ll have available after purchasing the home to do all the renovations they want to.
3. Is the Layout Right?
Along with the location, the layout of the home is another thing that can’t be changed, so homeowners need to make sure they like it before buying. For instance, layouts that may make the home difficult to live in or resell later can include adjoining bedrooms, no master suite, a bedroom that shares a wall with a social area, and inconveniently located bathrooms. While some of these sorts of things may not be bothersome for some home buyers, they may be unpleasant for others.
4. How Much Money Will Repairs Cost?
As stated earlier, while the sale price of a fixer-upper home may be less than a similar move-in ready home, the buyer will have to spend extra money to actually fix it. When walking through a fixer-upper home, the buyer should be keeping track of everything that they need and want to replace in order to estimate how much money they’ll need for everything. Nothing is worse than buying a fixer-upper home and running out of money for the renovations halfway through completion.
5. How Much Work Does it Need?
When it comes to fixer-upper homes, not all of them are built equally. Some may just need a new roof and some updated appliances, while others may need to be rebuilt from the foundation up. It can be easy for homeowners to accidentally bite off more than they can chew when it comes to picking out a fixer-upper—especially when they discover the unexpected surprises all fixer-uppers homes have that even home inspectors may not notice. When buying a fixer-upper home, the buyer should know approximately what level of work they’re ready to put into the home. Not everyone has the stamina to replace every last thing in a home, and the home buyer needs to know if they’re like that before committing to buy a home that needs months worth of work done on it.
Fixer-upper homes can be the perfect home in Victoria West with a little time and a lot of elbow grease, and by keeping these five criteria in mind, home buyers can find the fixer-upper that’s perfect for them.
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The Neal Estate Team is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 4,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Team have the industry experience and market knowledge to help you make smart and informed buying or selling decisions.