Should You Buy A Property That May Need Expensive Repairs Or Upgrades?
Posted by Billy Peshke on
Imagine you’re shopping for a new home and come across a listing that seems ideal. It’s in a great neighbourhood. It has all the characteristics on your “musthave” list. You can see yourself living there.
However, there are a couple of serious maintenance issues that are likely to need attention within the next year or two. For example, the roof shingles need replacing or the wiring needs to be updated.
Those fixes are going to be expensive. Does that mean you should take a pass on making an offer?
Not necessarily. While it’s nice to buy a home that is move-in ready (or close to it), it can be advantageous to purchase a property that needs some repairs and upgrades.
Depending on market conditions, a home with such issues may be priced…
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