Imagine you find a home on the market that checks all the boxes. There’s only one issue. It needs work. Perhaps the paint has faded, or the kitchen is old, or there are repairs needed. Should you make an offer on that home? That depends on many factors, of course.

The first thing you should consider is whether or not the home is otherwise ideal. If it has everything you want — location, size, style, number of bedrooms, etc. — then you may only be a few improvements away from a real gem.

You should also consider how much those improvements are likely to cost. Cosmetic projects — such as painting, replacing light fixtures, etc. — tend to be more affordable. In many cases, those projects are also DIY-friendly. However, major improvements, such as upgrading the kitchen with new countertops, sink, and cabinetry, can be expensive.

Fortunately, homes that need work don’t show as well as pristine listings. So, the cost of doing the improvements you need might be offset by getting the home at a lower price.

The bottom line is, buying a home that needs work is definitely worth considering. Here are some questions you should consider:

• What repairs need to be done?

• Are there any major items that will need to be replaced or addressed soon, such as the furnace, roof, foundation crack?

• What renovations are needed? How much, realistically, are those going to cost?

• How much of the work can you do yourself?

• How long will it take for the improvements to get done? (How long will you need to live with drywall dust?)

• How does the price of a comparable “move in ready” property compare to this one?

A second viewing of a property, that needs work, is good to do, it gives you time to identify and review items that would need to be addressed sooner than later. Including a building inspection condition and WETT (Wood Energy Technology Transfer) inspection condition (if the home has a wood fueled fireplace or woodstove) in you offer is key for homes that may need repairs/renovations. For rural properties, well and septic inspection conditions should also be included in an offer.  Ultimately, you’ll have to weigh the pros and cons, your budget and how much work/time you are prepared to spend.

Thinking about changing your lifestyle? Do you have questions about the Ottawa real estate market? We are always happy to answer your questions and discuss your options with you! We are experienced Ottawa, Kanata, Sttittsville & Barrhaven REALTORS^®  and we would be pleased to help you, a family member or friend.