Should you buy a fixer-upper?

After dedicating months to searching for the perfect house that checks off every box on your want and need list, it might be time to pursue another avenue. We’ve all seen the reality shows where homeowners purchase an old, run down house and then at the end of the hour you see it transition into a spectacular, dream home. If they can do it, why can’t you? 

It is important to remember that you don’t always see the good, the bad and the ugly while watching a TV show, so be prepared for some hard work and possibly unexpected situations. Here are just a few things to consider before signing on that dotted line: 

You don’t have to out source everything – One of the best and easiest ways to save some money when working through an expensive renovation project is to get your own hands dirty and take on some of the work. Whether you are taking on a larger demolition, refinishing hardwood floors, painting or assembling cabinetry, any task you take on yourself saves you money on labour costs. 

Living in chaos – If you are forced to live in your house while renovating, be prepared to live in chaos, especially if you have children. Dust, microwavable meals, take out and living out of boxes are just some of the crossroads you may cross. But if you can fight through the undesirable for a short time, you will have memories to last you a lifetime in a new space you will love!

Budget and then budget some more – If you are a fan of HGTV you know that something unexpected almost always happens, which results in unforeseen expenses. Any number of issues can come up whether it be plumbing, electrical or foundation, so be sure to set aside some money in a reserve fund should something come up. 

Sometimes the only way that you can find the house of your dreams is to put in some old fashioned hard work, but be sure you understand everything you could be getting yourself into before finalizing the deal.