Buying a fixer upper can be rewarding and cost effective. However as Joyce Wayton and her husband Craig found out, you may “have already bought a place and it’s slowly dawning on you that you’ve bought a money pit” as Romana King reports in her summer 2011 MoneySense article “Fixer Upper orMoney Pit?
The home listing may appear as “fixer-upper” or “handyman’s special” and can, for the right buyer, be the dream home you otherwise couldn’t afford. On the other hand it could also be the dreaded “money pit”. In King’s article, Charles Sezlik, an Ottawa-based realtor says, “At the end of the day, dramatically underpriced homes usually mean big problems.”
As “Joyce confesses, they didn’t have the home inspected by a professional before they bought.” Sezlik makes the point, “it’s worth paying for an objective outsider’s second opinion.”
If you’re not sure if you are purchasing your future dream home, knowing “how much it will cost to turn your diamond in the rough into a gem” will help. The inspector’s report and your attendance during the home inspection should provide you with a starting point to be able to research what it will take in time, effort and money to revitalize your fixer upper.
Consider the cost of a home inspection done by a knowledgeable and nationally certified professional home inspector as part of the investment in your home and peace of mind. Financially, it is generally the smallest cost of a home purchase, yet it can potentially save you the most money.