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:
- Is this the neighborhood I see myself staying in for the long haul? Location matters, folks!
- Will the lot size provide enough space for you to grow, both personally and spatially?
- 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:
- Is this neighborhood primed for higher price points in the future? Investing in the right location is key to a successful venture.
- Check for any restrictions on renovations in the area, like historical preservation regulations, that might limit your potential upgrades.
- 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.
