It may seem interesting when choosing your next home to consider a “fixer upper” home to save a little money. This is even more true when the inventory of properties for sale is more limited, smaller. But not all fiser upper homes are created equal… Keep reading or watch our video as we take a look at three important questions to ask yourself to find out if you’re looking at a diamond in the rough or on the verge of a financial abyss…

WHAT DO YOU KNOW ABOUT THE BUILDING ?

Did you know that sellers and real estate agents are required to inform a potential buyer of any ” significant facts ” they know about a property? So check out the document called “Seller’s Disclosure Statement” or you’ll learn if, for example, the house has ever flooded or if the roof leaks.

While an inspection is not an absolute guarantee that there are no hidden defects, it does tell you the current condition of all aspects of a home. It will tell you the basic needs of a property, from which you can make the right decision to buy or not. It can also be useful as a tool for negotiating the final price, as well as giving you an idea of the extent of the work you will need to do.

WHO WILL BE DOING THE RENOVATIONS?

Another important point to know is do you have the skills and experience to do all, some or none of the work in a fiser upper home yourself? A complete bathroom renovation, for example, requires multidisciplinary knowledge since several building systems will be affected: plumbing, ventilation, insulation, heating and so on.

It goes without saying that there is a significant difference in cost between doing the work yourself and hiring a professional contractor. However, we must be modest and honest with ourselves, because doing the work incorrectly will cost you time and money…

We have a quiz on our website (in French only) where you can test your knowledge and see how good you are at doing the work yourself, with professional guidance or not at all.

HOW MUCH WILL THE WORK COST ?

Once you have honestly determined what work you can do yourself and what work you will hire a contractor to do, you will be in a better position to gauge the cost of the renovation.

It’s always a good idea to estimate a budget for repairs and be realistic about the amount of time you’ll spend on the work. If you use professionals, such as a plumber, will they be available at the right time? If not, this could slow down your work and, if you can’t stay in the house during the work, will result in more travel expenses, hotel costs and so on.

Whether you do the work yourself or not, be sure to be thorough. Don’t forget that when the time comes for you to sell, you will have to fill out a seller’s declaration…