buying fixer_upper_properties
TRANSCRIPT
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10-Tips For Buying
Fixer Upper Properties
In Toronto & GTA
www.TheTorontoRealEstate.comTom Sachdeva 647-299-4529
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Market Value of the Property
Purchase a property that is at least 5% below the neighbourhood sale price. You can also check the city assessed value . See what the projected sale price could be. TheTorontoRealestate.com Tom Sachdeva 647-299-4529
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Location - Location - LocationChoose a location with low crime rate,good schools,access to transit,quiet streets.
There is nothing you can do to cure poor location. TheTorontoRealestate.com
Tom Sachdeva - 647-299-4529
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Number of Bedroom & Washrooms
Choose a house with at least 3 bedrooms. Smaller homes(2 bedroom) are unlikely to have enough buyer appeal. The house should have at least 1 full washroom and a powder room , or potential to put another full washroom. Seprate entrance to the basement and the potential for in-law suite will increase the selling price .
www.TheTorontoRealestate.com
Tom Sachdeva 647-299-4529
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Un-Profitable Repairs
Avoid homes that need major unprofitablerepairs, include wiring, major plumbing, foundation repairs, major kitchen and bathroom renovation,room additions, and/or a new room. Spending money on these basics does not add value. Buyers expect them. www.TheTorontoRealestate.comTom Sachdeva 647-299-4529
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Cosmetic Find a home that needs profitable cosmetic improvements ,like fresh paint inside and outside ,new flooring,new light fixtures ,bathroom vanities etc. www.TheTorontoRealEstate.com Tom Sachdeva 647-299-4529
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Work your financesIf you are buying to move in, then buy with minimum down, as you will need money to fix it . If you are buying to flip, then go with 20% Down Payment ,save on CMHC fees ,get better mortgage rates and keep the mortgage open as you are going to sell in 3-6 months. www.TheTorontoRealestate.com Tom Sachdeva 647-299-4529
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60 Minute RuleNever buy a project more than 60 minutes drive from your principal residence.As emergencies happen and also common sense you do not want to commute 2 hrs every day ,better spend that 10 hrs extra every week on the project.
www.TheTorontoRealestate.comTom Sachdeva 647-299-4529
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Motivation
Check for sellers motivation , if not you cannot get a good price. I have realised that people hate making descions even when they have too. Thats why power of sales and estate sales are good options.
TheTorontoRealestate.com
Tom Sachdeva 647-299-4529
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Vacant Possession
Make sure you get Vacant possession, you do not want to deal with tenants of overstaying owners when you want to start fixing the property .
www.TheTorontoRealestate.comTom Sachdeva 647-299-4529
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Hire a Real Estate Agent
SIMPLE : Every situation is unique.... So you better consult a professional.
www.TheTorontoRealestate.comTom Sachdeva 647-299-4529