The opportunities of fixer-uppers in a hot market

A trait of a booming market is buyers’ desire to find a bargain by seeking out properties that need remodelling or redevelopment.

It’s an excellent way for investors, property developers, and, in some circumstances, first-time buyers to enter the market.

But your prospective purchase might prove riskier than anticipated unless you’ve researched your target property.

As an experienced real estate agent in Saskatoon, I always advise my clients to avoid cutting corners to get ahead of rival buyers, especially in a strong seller’s market.

Folks with the funds to rush into a deal can find themselves with unforeseen building repair bills that run into six figures or a remodelling plan that angers local authorities.

Older buildings can be subject to various rules to preserve their character. You might be prevented from altering the original form, and there could be restrictions on materials and colours.

To ensure your fixer-upper project is a success, here are some tips.

Before making an offer, check with the local planning authority to see if any issues might affect the remodelling. Ask about whether there are any rules regarding modernizing the building, as this may affect the neighbourhood’s character.
Understand the property’s history. Has it always been a residential site? Has the land ever been zoned for commercial purposes? If so, you may need to look more carefully at issues such as soil contamination.
With apartments, are you thinking of buying in a mixed-use building – that is, one that includes retail or office space as well as residential? If so, you should ask about local zoning plans to understand how the neighbourhood will likely develop and change in the years ahead.
Check the condo rules, if applicable, about what you can and cannot do regarding internal remodelling.

Please do not hesitate to contact me if I can help you secure your dream investment property or sell your existing property.