TORONTO & GTA HANDYMAN SPECIALS|TORONTO & GTA FIXER UPPER
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Fixer upper - Handyman special is a realestate property that will require maintenance work to redecorate, reconstruct or redesign. They are popular with buyers who wish to raise the property's potential value to get a return on investment, a practice known as flipping, or as a starter home for buyers on a budget. Home-improvement television shows touting do-it-yourself renovation techniques have made fixer-uppers more popular, but during a real-estate downturn, with newer homes available at depressed prices, there is often reduced interest. Inexperienced buyers frequently underestimate the amount and cost of repairs necessary to make a home livable or saleable. Structural and service issues such as a home's foundation or plumbing, which may not be visible at first, can require expensive, professional contracting work. 
10 Tips for Buying a Fixer-Upper in Toronto & GTA
Buying a basically sound house and updating the cosmetics is a profitable thing to do in almost any market. But be careful what you buy or it may end up costing you later on.
Here are 10 things to consider when selecting a fixer-upper:
1. Purchase homes that are at least 5 percent below the market value of comparable nearby homes or below the city assessed value.
2. Choose a location with a low crime rate, good schools, and quiet streets. There isn't anything you can do to cure a poor location.
3. Choose a house with three or four bedrooms. Smaller homes are unlikely to have enough buyer appeal.
4. Avoid homes that need major unprofitable repairs, include wiring, major plumbing, foundation repairs, major kitchen and bathroom renovation, room additions, and/or a new room. Spending money on these basics doesn't add value. Buyers expect them.
5. Find a home that needs profitable cosmetic improvements like fresh paint inside and out, new light fixtures, new carpets and flooring, and fresh landscaping.
6. Look for affordable, low down-payment financing, such as taking over an existing mortgage, lease with option to buy, seller carry-back financing, or a combination.
7. Avoid obtaining new bank financing until the fix-up work is completed and the home's market value has increased.
8. Don't buy a fixer-upper that is more than 60 minutes from your current residence because it is important to visit everyday while the renovation work is being done.
9. Make sure that the seller or tenants will vacate immediately upon transfer of title.
10. Look for sellers who are motivated to sell and who want to make the sale happen.
Keep in mind every situation is unique ,so discuss with a confident Real estate agent. Call Tom Sachdeva @ 647-299-4529
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Free Home Evaluation
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Get Free Evaluation for Your Fixer-upper. Are you a owner of a property which needs renovations to sell and you are short on funds or just life has taken a toll on you and you want to sell it for the fair market price ,then call me and complete the form below.
Please complete and submit the following Online Home Evaluation form. The more information given, the more accurate the evaluation. All information you provide is secure and will be kept strictly confidential.
To provide a more detailed Comparative Market Analysis, we would be more than happy to also assess your listing in person. Napoleon Hill:
It is literally true that you can succeed best and quickest by helping others to succeed.
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FIXER UPPER HOMES | HANDYMAN PROPERTIES
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Fixer - Upper's
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Consider investing in a fixer-upper
2011 -- Like many world centres, Toronto is a city of neighbourhoods in which demographics, cultures and house values can vary from one cross street to the next.
Identifying a community that reflects your lifestyle is an essential part of the buying process and while your preferred neighbourhood's average sale price is also an important practical consideration, it needn't present a stumbling block.
Buying a fixer-upper can be a great way to get into a desirable neighbourhood at an affordable cost. It's important to recognize though, that all renovations involve some inconvenience and a lot of elbow grease. While you're rolling up your sleeves, it's wise to maximize your efforts and investment by going green.
According to the Appraisal Institute of Canada, upgrading kitchens and bathrooms is a smart choice, potentially offering a 75 to 100 per cent return on your investment.
Energy efficient lighting, appliances, faucets, toilets and showerheads are a few of the options for increasing the green factor in these two essential rooms.
Making environmentally conscious choices with respect to floors, cabinets, and countertops can have an even greater impact.
When it comes to flooring, cork and bamboo are among the greenest options, as they are derived from renewable resources. While bamboo is also an excellent choice for cabinets, wood that is certified by the Forest Stewardship Council of Canada is another responsible option. When choosing countertops, you may consider surfaces made from recycled glass, concrete, and steel rather than selecting non-sustainable materials like granite, quartz or marble.
Visit the Appraisal Institute of Canada's RENOVA, an interactive web-based guide to the value of home improvements. RENOVA is designed to give consumers a better idea of the return on investment they can expect for a variety of home improvements.
Painting can return 50 to 100 per cent of your investment and in this case, be sure to consider low VOC paints, which reduce the number of unstable, carbon-containing compounds that enter the air and react with other elements.
It's also important to consider what your home needs most. Window and door replacement may offer a more limited return of 50 to 75 per cent, but if your existing units are broken, this upgrade should take priority. When purchasing windows, look for low-E argon-filled units with the Energy Star symbol to achieve the highest thermal efficiency.
Similarly, replacing a roof may only offer a 25 to 75 per cent return but it's an upgrade that should not be deferred due to the potential for water damage. Fortunately, roof shingles made from a variety of recycled materials are widely available.
Heating systems can offer a 50 to 75 per cent return, while central air conditioning can deliver 25 to 75 per cent on your investment, but given the extreme temperatures of our climate, these are also wise investments, particularly when you choose models with the Energy Star symbol.
Regardless of the upgrades you undertake, keep in mind the two other components of environmentally responsible living: reduce the amount of waste you generate by donating or recycling construction materials and be sure to reuse items, refurbishing them to add greater character to your home.
A great way to do this while supporting a charitable cause is to consider your local Habitat for Humanity ReStore. This building supply store accepts and resells quality new and used building materials. Funds support Habitat's building programs while reducing the amount of used materials that are headed for overflowing landfills.
While decorating choices may be subject to taste, you'll find that when it's time to move again, energy efficient, money-saving upgrades have universal appeal.
To find great opportunities in communities that appeal to you, talk to a Greater Toronto REALTOR® and visit www.TorontoRealEstateBoard.com for neighbourhood profiles, open house listings, market updates and more.
Bill Johnston is President of the Toronto Real Estate Board, a professional association that represents 30,000 REALTORS® in the Greater Toronto Area
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