{"id":1497,"date":"2019-11-15T15:48:24","date_gmt":"2019-11-15T15:48:24","guid":{"rendered":"https:\/\/areslaw.ca\/parry-sound\/?p=1497"},"modified":"2019-11-15T15:48:32","modified_gmt":"2019-11-15T15:48:32","slug":"know-what-youre-getting-into-fixer-upper-ares-law","status":"publish","type":"post","link":"https:\/\/areslaw.ca\/parry-sound\/know-what-youre-getting-into-fixer-upper-ares-law\/","title":{"rendered":"Know What You\u2019re Getting into With a Fixer-Upper"},"content":{"rendered":"\n<p>If you\u2019re in the\nmarket to buy a fixer-upper, there are a few things to be on the lookout for in\norder to help ensure you don\u2019t fall into the dreaded money-pit. When it comes\nto home renovations, things can go from bad to worse in a flash, and turn your\nprofitable project into a big personal and financial headache. Whether you\u2019re\ninterested in flipping the house or making it your \u2018forever home\u2019, there are a\nfew key things that any savvy home-buyer should know before purchasing a home\nthat needs work. Let\u2019s break them down: <\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Know what you can and can\u2019t do <\/li><\/ol>\n\n\n\n<p>When you first look\ninto that new listing for a fixer-upper, make sure you know what local by-laws\nare in place and what you can and cannot build\/renovate\/upgrade. For example,\nif you want to sever a lot, rent out the basement, build a 2-storey boathouse,\nor put in a pool or pond, you should make sure your local by-laws support that,\nand that you have the right permits. Further, you\u2019ll want to research future\ndevelopments in the neighbourhood and find out if any \u2018deal-breakers\u2019 are in\nthe works that might impact your enjoyment of the home or your investment. Your\nreal estate sales rep and your real estate lawyer can help you get started on\nyour research. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Get a thorough home inspection <\/li><\/ul>\n\n\n\n<p>Your home\ninspector will give you a detailed report of each area of the home they\nassessed and list suggested repairs \u2013 both small and large. It will also alert\nyou to any safety or health issues with the property, and give you a great\nstarting point to decide if you want to move ahead with the purchase or not. Don\u2019t\nbuy if you aren\u2019t ready to move forward with the suggestions in the inspection\nreport. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Plan, budget, then budget some more<\/li><\/ul>\n\n\n\n<p>We\u2019ve all seen\nthe shows on TV where the home renovation goes wrong; the budget is blown, the\nproject delayed, and a few \u2018must-haves\u2019 get crossed off the list as a result.\nTo help avoid that happening to you, you\u2019ll need to do the leg-work to help cut\ncosts and stay on track. Plan to spend an additional 10-20% for \u2018unexpected\nexpenses\u2019 \u2013 you\u2019ll need it. Further, work closely with your contractors so that\nyou are aware of issues along the way and can strategize accordingly. You\u2019ll\nalso save money if you take time to shop around for the best prices on tools,\nbuilding supplies and so on. The more organized you are, the better you can\ntrack your spending and find ways to save. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Follow the money <\/li><\/ul>\n\n\n\n<p>If you want your\nhome to have a strong resale value (who doesn\u2019t?!), make sure you renovate\naccordingly. Don\u2019t blow your budget on big-ticket, elaborate items that other potential\nhome buyers won\u2019t appreciate, but spend it instead on cosmetic upgrades such as\nbathrooms, kitchens, doors, windows, basements and floors. These types of\nrepairs will help get the best return on your investment. Look at what\u2019s\nselling in your neighbourhood and what the sought-after features are before\nstarting on your fixer-upper. <\/p>\n\n\n\n<p>It\u2019s naturally very stressful to buy a home that needs months or years\u2019 worth of work before it\u2019s move-in ready. This is why you should make sure you\u2019re prepared both financially and personally so that your project is more successful! Work with a top team of professionals who know the business, including your contractor, lender, realtor and real estate lawyer. Plan for some obstacles and glitches along the way, and know what you\u2019re getting into from the start.  Here at Ares Law, we specialize in real estate law and we are here to help you with your big fixer-upper purchase. Don\u2019t get in over your head without talking to our expert team; we\u2019re here to protect you and your investment. Call our Parry Sound office at <a href=\"tel:7057466444\">705-746-6444<\/a>; we can\u2019t wait to work with you! <\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re in the market to buy a fixer-upper, there are a few things to be on the lookout for in order to help ensure you don\u2019t fall into the dreaded money-pit. When it comes to home renovations, things can go from bad to worse&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1499,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[27],"tags":[182,126,185,184,183,106,52,58,33,53],"class_list":["post-1497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-law","tag-fixer-upper","tag-home-purchase","tag-home-renovation","tag-home-repairs","tag-house-flip","tag-parry-sound","tag-real-estate","tag-real-estate-law","tag-real-estate-lawyer","tag-renovations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Know What You\u2019re Getting into With a Fixer-Upper - Ares Law<\/title>\n<meta name=\"description\" content=\"Sound investment or money pit? 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