It’s important to explore all options when searching for a new home. While we often think new and shiny is always better, don’t overlook that fixer upper. With Greater Toronto Area prices at record highs, potential home buyers need to be savvier than ever when it comes to making a home purchase decision to get the most from their investment.
A recent survey by the Building Industry and Land Development Association (BILD), which produces the GTA Home & Reno Show, found that one in three GTA residents are somewhat likely to purchase a home in the next two years. But with 70 per cent of residents having serious concerns over their ability to buy their next home, the idea of purchasing a fixer-upper is appealing to budget conscious homebuyers.
“Often a fixer-upper can be a diamond in the rough, as long as the home has strong bones,” says Denise Hayward, manager for the show. “Living through major changes isn’t for everyone, but those savvy homebuyers who have the foresight and ability to plan may be able to get more bang for their buck from a renovation.”
Also, knowing which elements of a home offer the biggest ROI when updated can build a homebuyer’s confidence, especially if considering future re-sale value. For those interested in renovating in stages to accommodate crunched budgets, investing in spaces like the kitchen, bathroom or new flooring first – although more costly – can offer the best return.“With consumer confidence in professional renovators remaining high, with 68 per cent of residents perceiving contractors as delivering high quality work, the idea of a fixer upper doesn’t have to be so scary anymore,” adds Hayward.
If you’re planning a renovation, take your time and plan ahead to do it right. More renovation help is available at the Destination Renovation booth at the upcoming 2016 GTA Home + Reno Show, February 12-15 at International Centre in Mississauga. www.gtahomeandrenoshow.com