If you’ve got the vision and the patience, purchasing a property that needs renovations can allow you to create your dream space and save some money. Buyers pay a premium for a move-in ready property, so if you’re willing to do the work yourself, your pocketbook will thank you. Interested in buying a fixer- upper in the GTA? Here’s a story that highlights one of the many things to look out for:
The Story:
Jan and Mike are about to have their second child and have been looking for the perfect place to house their growing family. After being unsatisfied with the quality and prices of the renovated properties on the market, they have decided to do the work themselves. They have bought a Parkdale “As Is” Semi on a small lot and are planning on renovating it into a three-bedroom home with a basement apartment to help cover the mortgage.
The Problem:
The home already has a separate entrance to the basement and high ceilings so they assumed the basement apartment would meet all the city’s requirements. Their agent failed to let them know that once the basement is deemed a separate unit, it counts as part of the home’s allowable square footage. Since they have a small lot, this means that in order for Jan and Mike to add a basement apartment, they now have to apply for a minor variance and go through the committee of adjustments. This delay will push back the renovation for several months and add to the total renovation budget.
The solution:
Work with a real estate representative who knows what to look out for. Ideally find someone with years of experience and knowledge specific to renovations, and you will be protecting yourself from future headaches and to bring awareness to the kinds of things others overlook. If you’d like to undertake the renovation yourself, check out this blog on the top things to avoid.
