What to know: buying a home that requires renovation

By Équipe éditoriale

Updated on November 7, 2023

In Quebec as well as most of Canada, real estate prices are rising. Taking on new construction projects has become too expensive for many households. Thus, many of those homeowners are turning to buying pre-constructed homes that require renovation. This solution requires a little more effort upfront but is often cheaper and allows for the dream of owning a new home to avoid turning into a nightmare.

In 2018, Montreal's residential real estate activity increased by more than 5% compared to 2017. Thus, the median price of a single-family dwelling stood at $492,000. In contrast, the median price of condominiums reached $325,000. (Source: Centris). These prices are indeed very high, even more in 2022, and push many families to try other solutions to become homeowners.

So, is it a good idea to buy a house that needs to be renovated? And how can you avoid a potential bad deal in the housing market? Luckily, our article will help to answer all these questions.

Buying a house that needs to be renovated

bungalow house_What to know: buying a home that requires renovation

source: unsplash

1. The cost to renovate the property you buy

It should come as no surprise that this is the most common mistake made by new buyers. Before buying a property that will need to be renovated, it’s essential to research and investigate what to look for as well as specifics regarding the property itself. This should include taking the time to compare prices of similar residences in the same neighbourhood as well as calculating all the costs associated with the renovation and restoration of the dwelling. It’s obvious that the goal is to find a bargain home, as this will start your project on the right foot.

2. Professional advice from a building inspector

Even if you buy a house that doesn’t seem like it needs work done or a major overhaul, it is highly recommended that you consider using the services of an inspector. Thanks to their expert eye, they will be able to identify any existing problems. A house that has obvious signs of wear and tear and thus needs renovation will require a more thorough inspection because the work will be extremely important.

Among the components that should be inspected in depth: plumbing, roofing, the presence of asbestos, as well as mould in the walls. Use a professional who, in addition to the inspection, can give you a detailed report on the work that will need to be done. Afterwards, you can take this document to a contractor for a cost estimate.

3. Considering the present and the futur

Get 3 renovation quotes for your home improvement project

RenoQuotes.com can help you get quotes for your home renovation project. If you submit your project to us, we’ll put you in contact with the most suitable contractors for you. Fill in the form on our homepage (only a few minutes), and you will receive quotes from trusted renovation companies.

Dial 1-844 828-1588 to speak with one of our customer service representatives


Get 3 free quotes for your project!

Submit a project and get 3 free quotes!

Looking for something else?

Get 3 free quotes for your project!

Submit a project and get 3 free quotes!

Are you a contractor?

Join our network and receive real leads!

Download the price guide for renovations

We’ll be emailing you the latest market price guide for renovations.



Related articles

The latest industry news, interviews, technologies, and resources.

4 min read

Editorial Team

24 Oct 2024

What Should You Do if Your Basement Floods?

Basement flooding is common in Canada, resulting in 100 million dollars in claims every year. However, many insurance policies don’t cover water damage stemming from storm surges or tidal waves. How can you manage the situation effectively post-flooding to minimize damages? What steps should you follow to carry out the necessary repairs and ensure everything goes according to plan? Proper preparation and appropriate measures are, without a doubt, key to protecting your home.

5 min read

Editorial Team

20 Dec 2023

Which Building Materials Should be Used for a Deck?

When the months start to feel warmer, there’s nothing we crave more than some time outside. There are plenty of ways to make the most of your front or backyard, and this includes building a beautiful deck. If you’ve been considering this project but are having a hard time making a concrete choice between the different materials on the market, then look no further!

4 min read

Cynthia Pigeon

31 Mar 2025

Everything You Need to Know About Snow Guards

Whether you call them snow guards, snow barriers, snow deflectors, or snow stoppers, these devices prove helpful when it comes to preventing snow-related damages and injuries during the winter months.

5 min read

Amanda Harvey

07 Nov 2023

Safety First: How to Use Power Tools Correctly

Power tools are a common part of our lives and sometimes it’s hard to remember that they pose a hazard. Since these tools pack a punch and are designed to penetrate even the toughest of materials and surfaces, they are dangerous. As a homeowner, it is important to recognize the different precautions one must take when using power tools and follow the correct safety measures accordingly.

5 min read

Karine Dutemple

07 Nov 2023

10 examples of minimalist interior decors

Thinking of purge your material possessions to follow the minimalist trend and simplify your daily life? If that's what you want, we've got some home decor ideas to inspire you for your next renovation project and create a minimalist decor that lives up to your expectations!

Design and home decor

Looking for a contractor?

Submit a project and get 3 free quotes now!