Buying The Worst Windsor House In The Best Location

Posted in Buyer Blog | 04/02/2013

Windsor House

Windsor House

When shopping for a property, we all have ideas of what type of Windsor house we are looking for.  Chances are, when you think about the home you want to buy, you are thinking about a place that has great curb appeal in the best area.  But think about this:  Buying the worst house in a great neighbourhood can be a very, very good thing.

For many buyers, getting into a desirable neighbourhood is the number one goal.  If you have a family, you want to send your kids to excellent schools in an area that is highly regarded and respected.  But buying the best home on the block may be a budget buster.  That’s when making an offer on the ugliest, fixer upper in the best area may be the smartest move you make.

1.  Location:

You can’t beat what real estate agents say all of the time:  Location, location, location.  It’s the number one rule when buying real estate.  You can change a home’s appearance, but you can’t change the location.  And any home in a desirable neighbourhood will always sell.

Consider this:

Nicer homes will always raise the value of the worst house on the block when it’s fixed up.

These fixer upper homes are cheaper, therefore more affordable.  For many buyers, it’s the only way to get their foot into a desirable neighbourhood.

Competition is not as fierce as many buyers often can’t imagine an ugly home fixed up.  This is why sellers are eager to hear your offer and work with you if you have the vision.

2. Buying Tips For Undesirable Homes In Desirable Neighbourhoods:

Remember this: you will be a breath of fresh air to your neighbours if you buy the eyesore on the block.  Why?  Because they are as eager to see improvements on this home as much as you are.  After all, they don’t like seeing it every day when they drive by.  So in our experience, we can assure you that you will make fast friends with your neighbours when they see that you have plans to fix up the property.

But how do you find the right fixer upper in the right neighbourhood?

images-10First, find a neighbourhood that is popular.  Real estate agents will know exactly what you need to see once they hear your requirements.  These blocks have access to the good schools, parks, shopping, entertainment, transportation and generally considered the highly sought after neighbourhoods.

Second, find an agent that knows the area well.  Real estate agents that are focused on a particular area can tell you what homes are selling for, what fixer uppers have highly motivated sellers or if any homes will soon be up for sale.  They can give you the strong points about the neighbourhood, as well as the bad.  They will also know where the bargains are.

Third, when making an offer, make sure that it is low enough so that you can afford the repairs and improvements.

Fourth, in fact, make sure you have repair estimates before making an offer.  Have an architect or home renovation expert walk through the home with you for their estimates and suggestions.

Fifth, do not ignore the home inspection.  This is critical in every home sale, but especially with fixer uppers.  The last thing you want is a big, costly repair surprise.

Sixth, after closing, don’t feel pressure to fix the home all at once.  Take your time and budget well.  Mistakes often happen when buyers rush projects.  Do what you can, when you can.  Get several estimates and make sure your contractor has references and is fully licensed.  Also, keep in mind that budgets always go over, especially when an unexpected repair is needed.  Don’t attempt to start anything if you don’t have extra wiggle room if costs increase.

But rest assured that buying the worst house on the block will reap you money when repairs are made.

 

 

 

 

 

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