How to know if a fixer-upper house the right buy?

Let’s dive a little into the exciting world of fixer-uppers. You know, those houses that might need a little love but have the potential to become your dream home or a lucrative investment. But before you jump into the fixer-upper frenzy, there are a few things you should consider.
Let’s start with the dream home scenario. If you’re looking to settle down in your forever neighborhood and turn a fixer-upper into your sanctuary, there are a few key questions you need to ask yourself:

  1. Is this the neighborhood I see myself staying in for the long haul? Location matters, folks!
  2. Will the lot size provide enough space for you to grow, both personally and spatially?
  3. Can you realistically afford renovations on top of the house price? Renovations can be pricey, so it’s essential to have a clear estimate of the costs involved.

If the answer to these questions is a resounding “yes,” then you might have found your diamond in the rough! But remember, getting an accurate estimate of renovation costs is crucial, especially in a fast-paced market. That’s where working with a team like ARHOUS can be a game-changer. They’ll be able to provide you with the numbers you need and guide you through the process of purchasing and renovating your fixer-upper.

Now, let’s switch gears and talk about turning your fixer-upper into a money-making machine. If your goal is to invest in a property that appreciates over time and brings in some sweet profits, you need to consider the following:

  1. Is this neighborhood primed for higher price points in the future? Investing in the right location is key to a successful venture.
  2. Check for any restrictions on renovations in the area, like historical preservation regulations, that might limit your potential upgrades.
  3. Crunch the numbers carefully. If you had to sell the house right after renovating it, would you still make a profit, factoring in closing fees, land transfer taxes, and real estate fees?

If you can hold onto the property for 1-2 years, on top of the equity from the remodel, you will also likely catch the wave of the growing market in Niagara and avoid paying taxes on your profits.

Remember, investing in a fixer-upper in Niagara can be both thrilling and rewarding, but it’s essential to approach it with a clear plan and realistic expectations. Whether you’re looking to create your dream home or build a profitable investment in Niagara, asking yourself the right questions will set you on the path to success.

Ready to go? Let’s make those fixer-upper dreams come true!

Schedule a call with us to learn more HERE.

Aram and Renee Niagara Ontario Realtors

we are ARHOUS.

Aram and RENÉE Ghewondian

With our in-house renovation and property management team, we’ve created a comprehensive one-stop solution for our clients.

We take pride in our track record of transforming neglected properties into sought-after ones, providing our clients with substantial equity, financial gains, and the satisfaction of a dream home.

Our mission is simple:

Our roots are traced back to our early days of finding hidden gems that others overlook and unlocking the most potential out of them.

We quickly realized that our ability to envision the transformation of an ordinary property could lead to remarkable success.

With each successful renovation and sale, we began to realize the need for a more comprehensive one-stop solution to achieve the same results but with a lot less stress and less running around.

 A solution where all aspects of buying, renovating, managing and selling are in one place. We now proudly call this solution, ARHOUS.