People often wonder whether it’s better to move into a recently renovated home or to invest in a place with potential and fix it up?
This kind of project can be incredibly rewarding and provides a number of unique benefits that are unavailable otherwise. On the other hand, there are also certain set backs that one must consider before they go and invest in something that needs work.
If you’re getting ready to purchase property in the Greater Victoria area, it’s best you take a look at some of the pros and cons associated with purchasing a place with potential. You might discover that a recently renovated home is in fact the way to go for you.
Pro: Lower Initial Investment
One of the most attractive features of any fixer upper is the lower initial investment. You will simply pay less than what you would for a renovated home. Of course, as you map out your plans for that property, you’ll need to take into account the capital required to make the appropriate renovations. How much more money will you need and when it’s all said and done will it have been worth it? It’s important to ask these questions beforehand and not halfway through a complicated construction project.
Pro: Make it Your Own
Have you ever envisioned what your dream home might look like? What kind of finishes, fixtures, colours, and lighting make up each and every room?
When you purchase property and plan to renovate, you are provided the opportunity to make that dream a reality. Whether you want to redo the bathrooms, or gut it all and build from the ground up, you can make a home your own.
Pro: Quality Control
Whether you’ve decided to do the reno yourself or have contracted a team to do it for you, all decisions go through you. For instance: the quality of the materials, the expertise of the workers and the final design, you get to give the green light. This way, once everything is finished, you’ll know the quality of the workmanship.
Con: Cost of Renovation
Renovations will cost you a pretty penny and can oftentimes exceed your initial expectations. Sure, you paid a lot less to get through the door, but after it’s all said and done, will it have been worth it? This kind of project comes with all kinds of expenses, including some that are lesser known. For instance: land surveys, architectural drawings, engineering reports and building permits. Make sure to educate yourself and understand what kind of costs you’ll need to cover.
Con: Construction Site
Buying a new home is one of the most exciting experiences of your life. Chances are you won’t be able to wait to move in and make it your own. Unfortunately, when your plan is to fix it up, you may have to live amongst the construction for an extended period of time. The alternative is living off site until everything is wrapped up, but that will require you to pay both a mortgage and rent.
Con: You Can’t Always Get What You Want
As much freedom as you may have to design the ultimate dream home, it won’t always be easy to actualize it. Whether it be a matter of money or noncompliance with your local government, things have a tendency to get tricky. Try to keep an open idea an understand that things won’t always go your way.
Buying a fixer upper can be an incredibly rewarding experience, but it is not without its own set of concerns. With that said, if you’re looking to take on a project that you can be proud of, this could be for you. For more great content, check out our other Pemberton Holmes blog posts.
If you are looking to get in touch with a REALTOR® in Victoria BC (or anywhere else on Vancouver Island), contact us right away and we’ll help you find that perfect renovated property or one that needs some love!
