Buying fixer_upper_properties

10-Tips For Buying

Fixer Upper Properties

In Toronto & GTA

www.TheTorontoRealEstate.comTom Sachdeva 647-299-4529

http://www.thetorontorealestate.com/

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


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


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


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

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

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

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

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

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 .


Hire a Real Estate Agent

SIMPLE : Every situation is unique.... So you better consult a professional.


Buying fixer_upper_properties

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