Are you house-hunting on a budget? There are many fixer-uppers in Nanaimo that present a great opportunity to live in a wonderful area for an affordable price. They allow you to really make a home your own by renovating it to your taste. Renovated character homes are particularly sought after, as evidenced by the popularity of the Old City neighbourhood. However, this area is also one in which renovated homes sell extraordinarily fast, and often with multiple offers.
So, what’s a buyer to do with this conundrum? Our clients have found that they can really get a lot of value if they can afford to buy a fixer-upper and put in some extra work. Do some research and use the advice of several professionals to really ensure you’re buying a home that’s right for your needs. Here are three professionals you’d be wise to contact before you sign your contract and before you remove your subjects.
A REALTOR® Who Understands Why You Want to Buy A Fixer-Upper
Your REALTOR® has a wealth of knowledge of and passion for homes in Nanaimo. She or he has shown countless homes and seen innumerable deals cross her or his desk. That also means she or he has probably seen a few deals collapse because of bad inspection reports. Your agent is the first person you should consult regarding a home you’re thinking about buying. While they can’t give you a definite yes or no on the property’s viability as a fixer-upper, she or he can give you a trustworthy opinion on whether or not they think it’s worth taking a look before you pay for an inspector.
Having a great REALTOR® can come in handy for several other reasons, too. Her or his knowledge of market trends gives you the confidence you need to make an informed investment choice. All REALTOR®s are bound to a strict code of ethics that compel them to always act in their clients’ best interests.
An Inspector Experienced with Heritage Homes
Generally speaking, unless there are unique circumstances, for example a foreclosure sale, a brand-new build, or a subject-free contract, a home inspector will be involved in your purchase. The inspection happens before subject removal, to ensure your purchase is structurally sound and that there are no issues with the building that you’re not prepared to take on as the new owner. An inspector can look at parts of a potential fixer-upper that you wouldn’t normally view during a showing, such as the attic area, roof, and crawlspace. The inspector also has specialized tools to measure moisture content and view behind drywall using infrared technology.
The inspector’s report will give you a list of major and minor improvements you’ll want to make, which gives you an idea of how much non-cosmetic work will be involved in your renovation. Getting an inspection is a relatively inexpensive step that will give you peace of mind and a great base to work from when and if you decide to move forward with your fixer-upper.
Tradespeople With Great References
A respected tradesperson is invaluable when you’re buying a fixer-upper. Many older homes in Nanaimo may have issues with plumbing, insulation, electrical, and period materials like lathe and plaster that will need to be addressed by someone with skills and experience in a specialized area. People interested in buying a fixer-upper generally are the type to tackle a lot of the work themselves, but sometimes it’s necessary to call in the pros. After the inspection is when you would get estimates on the improvements that require skilled labour, and decide whether or not those costs are ones you can shoulder. A good REALTOR® will be able to refer you to tradespeople she or he has worked with in the past.
Are you looking for a potential fixer-upper in Nanaimo? Get in touch with Nanaimo’s Real Estate Experts at the Charlie Parker team for honest, thorough, and professional real estate service.
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