Four Things you need to know before Buying a Fixer Upper

Published - March 24th 2017 2 minute read.

In the current seller's market in Grey Bruce and surrounding areas, Buyers are finding it tough to locate that home of their dreams. Sacrifices are being made surrounding the location, price and what a Buyer might get for their budget. Many new Buyers are considering homes for sale in Grey Bruce that need considerable work — a fixer upper. But, rushing into a home that needs substantial renovations is not always a good idea. Here is what you need to know about Buying that fixer upper.

You should work with your agent to find the right home

If you've decided a home that needs work is for you, let your real estate professional know. This will help them narrow the search for you and take the move-in ready homes off the list. As well, your Grey Bruce REALTOR® will have expert advice on home values in the Grey Bruce area and will know if your extensive renovations will be worth it in the end in terms of increasing the home's overall value.

You should always get an inspection

An inspection is always warranted, even in the case of a home that looks perfect, but especially in the case of a home where you plan to take down walls. It is just simple peace of mind to find out what's behind the walls and what expenses you might incur once your renovations begin. By getting an inspection, you can plan your renovation budget accordingly, or walk away if the task is just too daunting.

It is a huge commitment

Renovations are no easy task and will require a considerable amount of time and money from you as the home-buyer. You need to expect that things will go wrong and the renovation could run over budget and take longer than you expected. If you plan to live in the home while doing the renovations, recognize that you may be eating out for the next two months, or showering in a basement. Also, do not forget the mess and dust that renovations cause and that it will be on stuff in rooms all over the house, which means you will still have work to do even when the work is done.

You should research municipal regulations

You may have grand plans to add a deck or take down a wall, but before you even sign off on the offer, you should find out if that is even allowed. It would be quite disappointing to buy a home a vision in mind of how you want it to look, only to find out that municipal regulations tell you that it isn't allowed. Unfortunately, you actually may not even know this until the work has begun and after you have applied for permits. It is just best to be aware that in some cases, what you want may not be able to come to fruition.

If you need help finding the perfect fixer upper and do not have a Grey Bruce Real Estate Agent to work with, do not hesitate to contact one of our agents.

Have questions about buying real estate and don't know where to begin? Connect with the best real estate agents to guide you.

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