Are you looking for a contractor?
Submit our quick form and get quotes now!
What to know: buying a home that requires renovation
By SoumissionRenovation.ca
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
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
Looking for something else?
Related articles
The latest industry news, interviews, technologies, and resources.
Amanda Harvey • 07 Nov 2023
One day, if you have the opportunity to visit an architectural firm, you’ll find that architects and architectural technologists work hand in hand to design residential and industrial projects. These two professionals are directly related to the field of architecture and their mission is to create flexible and safe structures.
Cynthia Pigeon • 27 May 2024
Coating drywall joints to obtain a smooth wall is an art form in itself. Although still widely used to achieve an appealing finish, one must still take into account the errors normally done by novice renovation workers while undertaking this type of project to avoid making them in turn.
RenoQuotes.com • 07 Nov 2023
Are your bedroom dimensions rather small? Although this situation requires us to show ingenuity and creativity, the fact remains that it’s possible to make even the smallest space both relaxing and grandiose.
Léa Plourde-Archer • 04 Oct 2024
Doors and windows are often regrouped in the same category as they both represent creating openings towards the outside. They are a part of the décor but are also essential elements in terms of the home's water and airtightness, as well as the amount of natural light that enters. We have gathered here all of our articles about doors and windows, as well as several elements associated with them:
Amanda Harvey • 07 Nov 2023
When push comes to shove, if you’ve lived in the same home for a few years, you’ll likely need to do repairs at a point in time. Whether the renovation you take on is big or small, it’s important to think about the quickest, most efficient and least expensive way to make it happen.