{"id":1706,"date":"2018-10-11T10:13:12","date_gmt":"2018-10-11T14:13:12","guid":{"rendered":"https:\/\/equipeforbesteam.com\/?p=1706"},"modified":"2019-09-28T12:12:38","modified_gmt":"2019-09-28T16:12:38","slug":"acheter-maison-davoir-vendu-sienne","status":"publish","type":"post","link":"https:\/\/equipeforbesteam.com\/en\/news\/acheter-maison-davoir-vendu-sienne\/","title":{"rendered":"Is a Fixer-Upper Right for You?"},"content":{"rendered":"

So you\u2019re interested in buying a fixer-upper but you\u2019re not sure if it\u2019s the right move. Perhaps visions of the 1986 film,\u00a0The Money Pit<\/em><\/a>, featuring Tom Hanks and Shelley Long attempting to renovate a home, are dancing prominently in your head.<\/p>\n

\"\"<\/p>\n

In real-estate terms, a fixer-upper is a property that will require significant renovations, reconstructions or redesigns.<\/p>\n

Is a fixer-upper a bargain brimming with potential? Or should it be avoided like the plague? It really depends on a number of factors, including a potential home buyer\u2019s personality.<\/p>\n

Joel Semmens, a REALTOR\u00ae with RE\/MAX Real Estate (Central) in\u00a0Calgary, says that often people buy a fixer-up home for the location. They\u2019re determined to be in a particular area or neighborhood and if that means having to fix up the home, that\u2019s part of the deal.<\/p>\n

\u201cIf they like the size and structure of the home, in more-established communities, it often makes more sense to renovate as opposed to taking on a demolition or rebuild, which can be more time-consuming and costly,\u201d says Semmens.<\/p>\n

So what kind of a buyer would think of purchasing a home that needs a lot of work?<\/p>\n

\u201cOlder people aren\u2019t typically buying fixer-uppers,\u201d he says. \u201cUsually, it\u2019s not a first-time home buyer because they\u2019ve already taken on so much. [Fixer uppers] are expensive and you can\u2019t often finance a renovation. You have to pay for it out of pocket. Typically it\u2019s a second-time or third-time home buyer, someone in their early 30s, mid-30s or early 40s \u2013 and who has a little DIY experience.\u201d<\/p>\n

Jennifer Hunt, Vice President Research and Events for the Real Estate Investment Network, says buying a home to renovate gives people an opportunity to create \u201cdesigned equity\u201d \u2013 a customized ability to add value to a home while getting exactly what they want in the home itself.<\/p>\n

The types of buyers she typically sees range from people looking for an affordable deal and a project they can sink their teeth into (in an effort to build their \u201cforever home\u201d) to seasoned investors seeking poorly-maintained properties, aiming to create value for both investors and tenants.<\/p>\n

Home buyers need to consider their time, money and knowledge when tackling a renovation. Are the time and money involved in fixing up a home worth it in the end?<\/p>\n

And of course, like Tom Hanks and Shelley Long discovered, there are hazards to be wary of, like taking on a project that is too large or beyond your comfort or expertise. There are also hidden concerns, such as asbestos or structural issues. Potential buyers will also need to do their due diligence in advance on municipal regulations around permitting.<\/p>\n

Coming up with a budget and sticking to it can also present an issue if needed repairs start to get out of hand. And then, of course, there\u2019s the project management side of things. Do you hire a contractor or do you manage contractors and trades yourself?<\/p>\n

\u201cIf you\u2019re hiring trades for everything, it can be a challenge to coordinate if you\u2019ve never done it before,\u201d says Semmens.<\/p>\n

The key for people intent on buying a fixer-upper is finding the right neighborhood and planning for as much as you can \u2013 budget, list of repairs, professionals to rely on, permits \u2013 in advance.<\/p>\n

\u201cIf you find the right location and the home has features you like and good bones so to speak, then it makes sense,\u201d adds Semmens.<\/p>\n

 <\/p>\n

Source:\u00a0https:\/\/www.realtor.ca\/TrendsInsights\/PostPage\/5581\/1362\/Is-a-Fixer-Upper-Right-for-You-\/<\/p>","protected":false},"excerpt":{"rendered":"

So you\u2019re interested in buying a fixer-upper but you\u2019re not sure if it\u2019s the right move. Perhaps visions of the 1986 film,\u00a0The Money Pit, featuring Tom Hanks and Shelley Long attempting to renovate a home, are dancing prominently in your head. In real-estate terms, a fixer-upper is a property that will require significant renovations, reconstructions […]<\/p>\n","protected":false},"author":1335,"featured_media":1800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2,10],"tags":[],"class_list":["post-1706","post","type-post","status-publish","format-standard","hentry","category-immobilier","category-news"],"acf":[],"yoast_head":"\nIs a Fixer-Upper Right for You? |<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/equipeforbesteam.com\/en\/news\/acheter-maison-davoir-vendu-sienne\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is a Fixer-Upper Right for You? |\" \/>\n<meta property=\"og:description\" content=\"So you\u2019re interested in buying a fixer-upper but you\u2019re not sure if it\u2019s the right move. 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