Thinking about investing your money on a fixer upper home, because you like DIY projects? Or maybe you don’t have enough budget for your dream house yet, so you’ll choose a more affordable option that you can fix to your liking? Either way, if you’re set on getting this type of real estate, make sure you check the following areas to avoid spending more money than you intended:
Photo by Ruslan Valeev on Unsplash
Structure
Potential structural problems with your fixer include foundation defects and roofing issues. Repair of these defects means major financial expenses. Unless you have unlimited funds, or the home has great historic value, pass on fixing homes with major structural issues. Hire a structural engineer and roofer to make a formal inspection of your potential fixer before signing the sales contract. The inspection fees are nominal compared with the major repair costs you might be hit with. Source: Budgeting.TheNest
Electrical wiring
Updating antiquated electrical wiring is a major expense. Tip-offs that the house you’re looking at has substandard wiring include single, fabric-covered wires on white insulator knobs (look in the attic); an old fuse panel instead of a modern breaker panel; or a small breaker panel with only a few breakers. Source: BobVila
Layout
The layout should flow. If the home is chopped up with a bad layout, realize that it can be expensive or impractical to move walls. Bedrooms at opposite ends of the home will turn off buyers with young children, as will a two-story with the master bedroom upstairs and all the other bedrooms downstairs. Kitchens with more than one entrance are desirable. Avoid places whose dining rooms serve as the central focal point of the home. Source: TheBalance
Location
Yes, you’re buying the bricks and mortar that make up the home, but you’re also buying into the area and the neighbours. Take a peek into the neighbour’s yard, and consult with the city’s planning department to learn about up and coming changes in zoning, parks, schools and anything else in the area. Because the last thing that you want to do is invest all of that money in a place that isn’t worth it. Source: TheLoop
Leaving your fixer upper in the hands of well-experienced professionals will help you save more money in the long run. Contact us anytime if you need help!
Contact:
Kerrisdale Roofing & Drains Ltd.
168 W 71st Ave, Vancouver, BC V5X 4S7
(604) 360-2114
