Should I Buy a Fixer Upper?

Let’s be honest—renovations are hard work.  We have all watched construction crews hack down walls of old homes on Home Television Networks and then transform the properties into breathtaking pieces of art with a high resale value.

Calgary is sprinkled with old and new homes, which adds to the city’s charm in many ways. But in a current buyer’s market, should you invest in a newer home or a fixer upper? As your realtor, I present you with the pros and cons of purchasing a fixer upper.

 

Pros

Cons

  • Location! In Calgary we tend to find older homes closer to the inner city. The ultimate advantage of buying an older property in Calgary is typically the prime location and access to major roadways.
  • Hidden costs! Older homes may have older electric or plumbing mechanical systems. This may pose a problem if there are any issues that are overlooked in the home buying process.  That’s what I’m here for- to prevent you from overseeing any hidden costs that may arise down the road.
  • Initial cost! The initial price of an older home may be far less than a newly developed home in the same neighbourhood.
  • Expensive upkeep! Remodelling and renovating an old treasure can be expensive. Though this may pay off in the long run, it may not be feasible to fork out lump sums of money on renos.
  • Investment opportunity! Performing a well-done renovation can increase the home’s appraised value significantly more than the initial cost.
  • Budget! You may find yourself going over budget once you begin renovating due to unforeseen issues that pop up along the way.


 

 

As your preferred realtor, it’s my job to assess whether buying an older or newer home fits your lifestyle, budget, and vision. It is also my duty to ensure that if you purchase an older home, it is thoroughly inspected and evaluated so that you do not find yourself lingering in the ‘CONS’ list of possibilities.

Do you have your eye on one of Calgary’s older gems? Give me a call today and I can help determine if it’s worth your while.

Ahmed Abosafi

Ahmed Abosafi

REALTORĀ®
CENTURY 21 Bamber Realty Ltd.
Contact Me

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