In a hot real estate market, many people, especially first time home buyers will look to properties that have not been extensively updated to save money and hopefully find a lower entry point that they can handle. In a hot market first time buyers or any buyers for that matter, are competing with professional renovators and contractors who buy older properties and completely upgrade them in order to sell at the very top of the market. For buyers that can afford this, the situation is ideal. You get the older neighbourhood you desire with all the modern finishes and conveniences that you would normally only find in new homes and subdivisions.
For many homebuyers however, this prices them out of the areas that they want to live in, as extensive upgrades can often push a properties value up sever 100′s of thousands of dollars. The alternative is to find a property that needs a lot of work, often called a “fixer-upper” or a DIY (do-it-yourselfer) special. If this is the type of purchase your are considering, then you definitely need the guidance of a qualified home inspection.
A qualified home inspection, especially if the inspector knows that you are looking for a DIY “fixer-upper” opportunity, can make sure you are pointed in the right direction, and are not taking on more than you can chew.
“The angst most people have over fixer-uppers usually comes from fear of the unknown. But a home inspection and then a walk-through with a contractor or architect can clarify what you are dealing with. Having both kinds of input is important. Home inspectors flag things that need attention. A contractor and/or architect has the experience to put this report in perspective and prioritize the “to do” list.”
At Home Owners Inspection Services we have the experience (over 20 years in Toronto and the GTA) that can help you in your “fixer-upper” journey. We can help you find the right property and make sure you don’t get in over your head.