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Finding a Reno Worthy Home
Many of my clients are routinely on the hunt
for a home that they can improve with some renovations. The reasons often
vary; For skilled do-it-yourselfers, a fixer-upper may provide them with a
home that’s bigger or in a better location than they could otherwise
afford. Other people are looking to add their own personality or
decorative flare to a new space. Some buyers are looking for a revenue
home, others have their heart set on a specific location or neighbourhood,
and others yet are looking for the perfect place to flip and make a
bundle!
Whatever the reason, we can all probably agree that buying property is a
major investment, and it’s not something that should be done without some
careful consideration and planning. Here’s some suggestions I often make
when getting started:
Get pre-approved for a mortgage
I speak from experience when I say there are few things more frustrating
for a buyer than to find out they cannot get a mortgage after spending
weeks or months looking for a home. Being prepared by having your
financing pre-approved will help avoid that, as well as save you ever
precious time after you make an offer on the perfect home. Tax
information, employment and income verification documents – some of the
items you may have to provide can take several days or even weeks to
obtain.
Failing to get a mortgage approval in the
time allowed for in the contract is one of the most common reasons buyers
end up losing homes they are trying to buy. Save yourself some grief by
planning ahead! Also, if you plan to use financing for the improvements
you will make, this will help you establish how much you can afford to pay
for a home and what your budget for renovations might be.
Make a plan and write it down
The best thing you can do is have a plan. Try to determine how long you
plan to be there, what things are important when it comes to location,
style, size of home, etc, etc, etc. Knowing things like how many bedrooms
you need or how close you need to be to work or schools can save you loads
of time when you actually start considering your options. And write it
down!
Sometimes what seems overwhelming at the
beginning becomes much simpler when you get it on paper. Make a list of
your needs versus wants – that alone can save you countless hours in the
long run.
Decide what kind of renovations are
right for you
This will likely depend on your purpose for buying. If you plan to buy and
resell the home in a very short period, then maybe you would want to
restrict improvements to cosmetic items like paint or flooring. But if you
plan to live in the home for many years to come, major renovations like
structural changes or an addition might be feasible.
Whatever you decide, make a budget and don’t be conservative. If you plan
to do work yourself, make sure you have a back-up plan in case things
don’t go the way you hope they might. And remember to be realistic – don’t
plan to do work yourself that you don’t have the proper time or skills to
do!
Contact experts for help – contractors, designers, people who can help
point you in the right direction so you don’t get in over your head. And
knowing what kind of renovations you can handle is critical in deciding
which potential properties will fit the bill.
Work with a professional to make an
informed decision
Most buyers find the best chances of success come through working with a
REALTOR®. REALTORS® are experts at helping people buy and sell property.
They can help you with all the details from planning what kind of home is
right for you, to whether or not the improvements you plan to make are
worth it in the long run. They can bring potential properties to your
attention, make all the appointments for you to view homes, and ultimately
help you decide if the price tag is appropriate when you find the right
home. A REALTOR® can guide you through the home buying process to help
make it more efficient and give you the tools and advice you need to make
the best decision you can.
The common thread here is being prepared. When it comes to renovations,
there are always lots of unexpected details, so the more planning and
thought you can put into the purchase, the smoother the process tends to
go, and the more likely you are to avoid problems.
Expertise provided by:
Mike Boychuk, Hallmark Realty and Associates
www.mikeboychuk.ca
306-717-1144
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