To buy a home in need of renovations, aka a fixer-upper, means there’s more sweat equity and costs to come.

Buying a fixer-upper in Etobicoke or similar Toronto areas is certainly not a bad move. You nab a property for a lesser price than what you would pay if it was newly renovated. That said, the work to come is on you to complete. It’s far from easy and you may even discover that there’s more to be done than initially thought.

Here are what costs to consider when buying a fixer-upper in Etobicoke.

Invest In The Right Inspections

Ensure you get a home inspection done as well as have experts come in to evaluate different aspects of your home, such as the plumbing, electrical, roofing, and more. You want a full look at your costs, preferably before you buy.

Cracks & Breaks In The Foundation

When a home inspection is done, ask about the foundation. It’s an overlooked and very expensive repair if the foundation is damaged. Cracks and breaks can mean structural shifts, unchecked and unavoidable water damage, and more. It can easily cost thousands to remedy.

Hiring A Contractor Or Tackling It Yourself

If you hire a contractor, you may end up paying more upfront but you’re ensuring the job is done right. Especially if you are out of your element doing home renovations, hire a contractor you trust.

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Purchasing The Right Materials For Your Home

Any renovations you want done right. Many materials you don’t have a choice over but for upgrades in rooms such as the kitchen, you may have an opportunity to opt for less expensive materials and save a few bucks.

Disposal And Cleaning Costs Can Add Up Quickly

With every reno you do, a ton of waste is created. This needs to be properly disposed of. This involves dumpster rentals and disposal fees, potential additional costs if you discover mold, or extermination fees if there are insects or rodents present.

It Will Be A Total Disruption To Your Lifestyle

This isn’t a financial cost so much as it is a cost to your daily living. A fixer-upper that you jump in on renovations for immediately will mean an interruption to your life. More noise. More chaos. More lack of tidiness. Many homeowners aren’t able to do it.

You’re Still Paying Utilities And Property Taxes

While renovating, you’re still paying for heat, water, and electricity, and are accumulating costs in property taxes with each passing day.

You’re Still Paying a Mortgage!

If the home un-habitable, do you have somewhere to live? If not, can you find a rental unit and is it in your budget? One of the first steps before tackling or even considering a renovation is to plan a budget.

Renovating To Sell Can Have Tax Requirements

If you buy a fixer-upper with the intent to renovate and sell before a full year has passed, you’re looking at paying more taxes than you have to. If you were to hold on to the property for a year or more, if you renovate and resell after that, you save a ton of money.

If you are considering buying a fixer-upper in Etobicoke, discuss it with your realtor team at Adrian + Andrea. Finding the right fixer-upper is key. To locate a property in line with your budget requires a partner willing to help you get across the finish line and advise you on the right home.

To see what fixer-uppers are available in the region, reach out to the experts at Adrian + Andrea today. Call us at (416) 319-6893 or email info@adrianandrea.com today!