Braden White (https://bradenwhite.com), a real estate sales representative with Chestnut Park Real Estate Ltd., is offering insights for homeowners looking to purchase a property in need of home improvements.
In recent years, DIY projects have become more popular, especially with the surge of home improvement realty TV shows educating the general public on how they can complete their own renovation. However, White warns homebuyers that these home improvement shows are not necessarily a true depiction of reality and that there is a lot to consider before buying a home that needs significant improvements.
“There is a lot of pride associated with being able to fix up a dilapidated space,” says White. “However, more often than not, most homeowners who decide to take on a large DIY project underestimate the actual cost involved, as well as the amount of time it will take to complete the work. This can be a costly and unpleasant mistake.”
Before deciding to purchase a property that requires substantial work, White recommends that homeowners think carefully about whether they have the necessary budget, time and patience needed to make it through a DIY project. Not thinking this through could potentially result in a negative experience both emotionally and financially.
“If you are considering a minor project such as changing the paint colour or rejuvenating the dated garden bed at the front of your home, you may not need the assistance of a professional,” says White. “However, if you are considering a larger DIY project such as renovating the kitchen or upgrading all of the plumbing in your home, you should seriously consider the option of hiring an experienced contractor who has the knowledge, tools, staff and insurance to complete the project properly and in the least amount of time.”
Alternately, homebuyers can also consider the option of purchasing a move-in ready property. White points out that opting to purchase a home that doesn’t require renovations can help homebuyers avoid unexpected costs associated with a DIY project gone wrong and enables them to keep more money in the bank or allocated to other investments.
“You can ask your agent for referrals for qualified contractors if you need assistance with your DIY project,” White concludes. “Or if you are considering a move-in ready property, you should make sure your agent does their research in order to ensure you aren’t overpaying for a newly renovated house. You don’t want to end up with a loss when you decide to sell down the road.”
Braden White is a licensed real estate sales representative with Chestnut Park Real Estate Limited. Prior to entering the world of real estate, Braden owned and managed a successful boutique design and build firm located in Toronto, Canada. More information can be found at https://bradenwhite.com.