Informed Home Buyer – May 2023

There’s no doubt about it. Buying a home that is “move in ready” is a real
convenience. All you need to do is get your belongings in place, and
you’re ready to enjoy living in your new home. You don’t even need to
paint. That’s why move-in-ready homes tend to attract more buyers.
However, there are advantages to buying a property that needs work.
And, if you’re currently shopping for a new home, a listing that requires
some repairs, upgrades, or renovations might be worth considering.
Why?

Properties that need work tend to be priced lower than comparable movein-
ready listings. Depending on market demand, the price savings can
range from modest (just a few thousand dollars) to substantial.
Also, homes that need work tend to attract fewer buyers and offers, so
there’s less competition.

Another advantage is the opportunity to get into a desirable area you
otherwise might not have afforded. It might be worth the extra work
you’d need to put into the home to live in your dream neighbourhood.
But, while there are advantages, there are also important caveats.
The first caveat is you must know the scope of work that is required
before making any decision to purchase. How will you get the work
done? How much will you need to budget for the improvements? Are you
prepared for the realities of living in a property during renovations?
The second caveat is you must anticipate any issues that can’t be seen
during a typical viewing. The last thing you want is to pay for a major
repair you weren’t expecting. That’s why getting a professional home
inspection as a condition of your offer is often a good idea.

There’s a lot to think about when you’re buying a “needs work” property.

Call or Text to help you make an informed decision.

Steve Spriensma (616) 890-6716