As a buyer in the current real estate market in Markham, choices can be really limited. House prices are climbing and inventory is low, so many Markham home buyers have to make decisions on what to sacrifice in their home in order to get in to the market. Many don’t have the luxury to skimp on space, having a large family and budget is usually something that can’t be compromised on. Location isn’t always flexible either, as many Markham home buyers love the convenience of living in an urban landscape, near work and school. One thing that buyers can be flexible about is the condition of the home. While a home that is crumbling is probably not the best purchase, one that is considered a “fixer-upper” is definitely a possibility.
Start with an inspection
In order to realize the amount of work that needs to be done on a home, get an inspection and make this a condition in your offer. This will determine your budget as well as the time it will take to get everything renovated so you are happy. Renovations aren’t always about aesthetic concerns, you will probably also have a number of “un-sexy” fixes to do in order to make the home liveable.
Make a must-do list
When it comes to renovations, many Markham homeowners feel like they need to change everything. But, in order to get yourself into a home, consider doing only the basics. You may absolutely hate the out-dated kitchen, but if it is still functional, consider changing it down the road after you’ve built some equity in your home. You don’t want to max out your credit before you’ve even made your first mortgage payment. Settle for doing the important renovations first — the ones that make the home functional and safe — and then doing the rest as time goes on.
Get quotes on the work before you put in an offer
If you’ve never renovated a home before (and even if you have) it may be difficult to know the real cost of a renovation. Speak to contractors before you put in an offer and let them know what sort of work you’ll need done. Once you get your quote, build in an extra 20% as a contingency for if the work is more than you bargained for.
Understand what you can and can’t do
If you plan on doing the bulk of the work yourself, get a reality check about what you can and can’t do. Renovations can be difficult, time-consuming and expensive. As well, they can be a great hardship on a relationship, so realize how much time you can actually dedicate to your new home’s renovations. You don’t want to be that newly-married couple that broke up because their renovation was too hard for the relationship to handle.
If you need any tips about buying a fixer-upper in Markham, don’t hesitate to contact me for more information.