When you are looking at Owen Sound Homes for Sale you will need to determine a few things before you can hope to make a decision. Assuming you have already decided that Owen Sound is the city you are going to purchase in. There are many different types of properties on the market. Some of these are large, small, new, old, attached, or just out of town. Choosing the right property means narrowing down the criteria. For most people this means taking the time to sit down with your local Owen Sound REALTOR® and hammering out the details that are most important to you, as well other important factors. These include, but are not limited to:
- Number of bedrooms and bathrooms you require
- Price range for purchase price, mortgage, and monthly bills
- Yard size and location preferences
- Type of property – House, Townhouse, Condo, etc.
- Amount of work you are willing to put into the property
Understanding what you are looking for will help you determine where to start your search. Some people look for smaller starter homes or to downsize for retirement, while others are looking to accommodate a growing family or find a fixer upper as a pet project. A fixer upper can be an investment you make with the intent to move in, or to flip. If you are considering investing in a fixer upper, here are a few important pieces of information to consider!
- Location – Sometimes a cheap home is just that; cheap! The trick to finding the best bargain is the purchase the worst house in a good neighbourhood. This means finding a home in desperate need of TLC that is priced fairly low, but located in a safe and attractive neighbourhood. As expected this can be a relatively tricky find.
- Structurally Sound – Ensure that any renovations that have to be done to the property are purely aesthetic and all structural changes are elective. You should never invest in a fixer upper that does not have a strong foundation or a sturdy structure. Repairs like this cost far too much and the property is not worth the investment.
- Prepare for the Cost – Owen Sound Real Estate can be an excellent investment, however you must be able to afford it. For some, a fixer upper is a way to purchase a property for a far lower amount and a smaller monthly mortgage payment. What many forget is that the costs involved in the renovation process do add up and they can become crushing debt if you are not prepared. There have been many who have purchased homes with the intent to flip them, but ended up blowing their budgets before the project was completed.
- Hire Professionals – Much of the time a fixer upper is a pet project to be worked on in your spare time, however some parts will be beyond your ability. These should be undertaken by trained, or in some cases licensed, professional to ensure the work is done correctly. This includes any structural construction work, electrical, and plumbing.
- Curb Appeal – Once the home is completed, your property will be a mess. Plumbing work and heavy equipment may have destroyed your flower beds and torn up your lawn. This makes your property seem unsightly and drastically lowers your curb appeal. You can fix this by hiring a professional landscaper or by purchasing trees, shrubs, and flowers from your local Garden Center and doing the work your self.
Tips for Buying Fixer Uppers in Owen Sound
A project of this magnitude is best tackled if you have the money to hire professionals or the time and ability to do it yourself. Contact Shannon for more assistance while searching Owen Sound Homes for Sale.