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Has it always been a dream of yours to buy a fixer-upper home and take on the project of renovating towards your dream home? Or maybe you're interested in a home-flipping investment? Whatever your interest is in purchasing a fixer-upper home, here's some things to keep in mind:

 

  • Are the problems (if any) structural or cosmetic? Cosmetic problems will be a lot easier to fix (and cheaper) than structural issues. 
  • Do you have the time to fix the issues? If not, do you have the money to budget for hired help? 
  • Find a good home inspector
  • Check thoroughly these key components of the home: roof, structure, foundation, plumbing, heating and doors/windows. Calculate costs involved to fix up each of them. 
  • Calculate your costs: will you be fixing up the home yourself, or hiring help? What will building materials cost, etc. All of these should come into play when you do your pro/con list as well. 

If you decide to go through with it, here's some tips for success:

 

  • Work with a REALTOR® to ensure you are investing in the best possible home for your needs. Scouring the Internet on your own may bring legal issues about. 
  • Find a good home inspector so you can be made aware of any and all issues that are present or may arise in the home as it is. 
  • Weigh the pros and cons seriously of the specific property you are looking at. This is also a good time to consult your REALTOR® as well. 

If you're looking for an in-depth guide on the specifics of fixer-upper homes, everything from flooring to plumbing choices, check out this free guide from Homes.com

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The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
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