You think of yourself as handy and have always dreamed of bringing an older home back to life. You have an eye for design and are good with a hammer and saw. Not only is the sweat equity exciting, you may also be able to buy in a neighbourhood you love because you are planning to purchase a house that needs some work.
While there are plenty of benefits to buying a rundown home, it can turn into a nightmare situation if you do not do your research and are not educated on what to buy and how to make it worth your while. If you are interested in Penticton real estate in the Okanagan, Canada there are many fixer-uppers in good neighbourhoods. Just make sure you work with a realtor and take the time to find the right place for you.
Take your time to get to know the nicer and more trendy neighbourhoods in town. Once you have found where buyers are willing to spend money keep your eye out for a home that has not yet been remodelled and is in need of some TLC. Even the best neighbourhoods have houses that could use some love. Do not buy on near a busy intersection and if you can find a cul-de-sac all the better.
Unless you are planning on completely gutting the place the layout of the home is of the utmost importance. If the house it boxy with a lot of small dark rooms you may want to reconsider as it can be expensive and impractical to move walls. You will also want to think twice if the bedrooms are spaced far apart or on different levels as this will deter buyers with kids. Also if there is room for only one bathroom keep looking.
As with any home you are considering you will need to get a professional inspector to walk through the property. They should be on the look out for things like mould, asbestos and lead paint. Finding any of these may not be a deal breaker for you but you will have to factor in remediation costs. The inspector should also look closely at the foundation in order to rule out structural problems.
Costs of Reno
Though you may be getting a good deal in a great neighbourhood you want to consider the money it will take to renovate the property. Add up the price of the property plus the expected remodelling costs then add some more for surprises and unexpected problems. As with any old home you do not know what lays behind the walls so budget accordingly. Next compare the bottom line with other nearby homes.
Talk with you Realtor
Bringing your realtor into the conversation is always a good idea. They have an expert eye as well as experience around what works and what doesn’t with a fixer-upper. They are talking with buyers and sellers everyday and they have heard the horror stories as well as seen the renovated dream homes. A pro realtor will be able tell you when they see a money pit or a house with good bones that is a great deal.
Renovating a property is always more work and more expensive than you think. It is the rare case that a remodelling is finished before the projected deadline or comes in under budget. Be prepared for a lot of work both mentally and physically. If you think it will stress you out then it probably will and perhaps a fixer upper is not really for you, but if you revel in creating a custom home with your design elements jump right in.
Love the Bones
If you are not buying the house in order to renovate and flip it then you will want to make sure when all is said and done that you are proud to call it your own. Do not buy a house that is not your style only because you like the neighbourhood and the price. You have to love the bones going into it so look for the little things that make an old home have so much character. Look at the details that call to you.
Enjoy the Process
I suggest taking a bit of time to contemplate whether remodelling an older home is really for you. There are many stories of couples breaking up over a renovation gone wrong. If you enjoy a bit of chaos and uncertainty and the idea of customizing a home is your dream I say go for it. If not, buy yourself a newer home instead.