A common dilemma for a lot of people is whether to buy a home that’s move-in ready or a fixer-upper to renovate yourself. On paper, a finished home is the hassle-free, low-risk option; fixer-uppers pose greater risks and require more time to reach the end goal. However, if you consider yourself to be handy and resourceful, willing to get your hands a bit dirty, and you can handle the renovations in your living areas, the benefits of a fixer-upper can be well worth the investment.

When looking at the situation from a construction point of view, there are pros and cons to buying a renovator’s special. It’s quite evident that renovations take more time and effort than a move-in-ready home. Asking yourself important questions – Am I able to tolerate living through a renovation? What’s my renovation timeline? Can I handle the stress if it ends up lasting longer? – will help determine if you’re the type of person who can handle the whole process. If you’re willing, the fixer-upper process can be very rewarding. It can open the door to greater possibilities like the ability to purchase a larger home or live in a preferred neighbourhood. Most clients love to have that option!  With today’s popular DIY mentality, you have to be careful. It’s easy to overestimate what you’re capable of and underestimate the difficulty of home renovations.

From a real estate perspective, there are many positives to investing in a fixer-upper. If you’re able to find a home in your desired location that’s far below the cost of the average neighbourhood house price, it’s a great opportunity to secure property in a coveted area. You’ll not only benefit now but also in the long run, as living in an established, popular neighbourhood is a common must-have among house hunters, which will likely increase the resale value of your home.  Your investment will most likely increase in value!

If you’re someone who loves the charm and character of an older home, matched with modern conveniences and styles, buying a fixer-upper is a good route to take.  Undergoing major home renovations does offer the opportunity to customize the house to your style, whatever that may be!