Should You Buy a Home that Needs Work?

Imagine you find a home on the market that checks all the boxes. There’s only one issue. It needs work. Perhaps the paint has faded, or the kitchen is old, or there are repairs needed.

Should you make an offer on that home? That depends on many factors, of course. The first thing you should consider is whether or not the home is otherwise ideal. If it has everything you want — location, size, style, number of bedrooms, etc. — then you may only be a few improvements away from a real gem.

You should also consider how much those improvements are likely to cost. Cosmetic projects — such as painting, replacing light fixtures, etc. — tend to be more affordable. In many cases, those projects are also DIY-friendly. However, major improvements, such as upgrading the kitchen with new countertops, sink, and cabinetry, can be expensive.

Fortunately, homes that need work don’t show as well as pristine listings. So, the cost of doing the improvements you need might be offset by getting the home at a lower price.

The bottom line is, buying a home that needs work is definitely worth considering.

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Plans to Make before Closing Day

When you sell your property and buy your next dream home, closing day can come faster than you might imagine. Before you know it, it’s just weeks away! So it’s important to make the proper plans to ensure everything goes smoothly.

Here are the most common plans you’ll need to make:

  • Contact the post office to get your mail forwarded. No matter how thorough you are in updating your address with companies you deal with regularly, you’re bound to miss a few. Using the mail forwarding service will ensure you get that mail.
  • Double-check that your home insurance will be transferred on closing day, so your new home is covered from day one. Also, don’t forget to update vehicle and personal insurance (medical, life, etc.)
  • Make arrangements with utility companies – phone, electricity, heating, etc. – as soon as possible. Remember, you might be closing some accounts and opening new ones. That can take time.
  • If you are upgrading your internet at the new home, a visit from a technician might be required. Make that appointment now.

There may be more arrangements to make before closing day. Create a checklist (or ask us for ours) to make getting it all done easier and less stressful!

Find out how much your home is worth in today's market

Headline Highlights

Canadian Mortgage Professional – Could rising interest rates crash Canada's housing market?

Storeys – 60% of Canadians plan to resume home-buying plans in the ‘near future’

CBC News – Bank of Canada hikes rate again to 3.75%

Financial Post – Bank of Canada hikes interest rate by 50 basis points

Globe and Mail – Bank of Canada announces 0.5 percentage point rate hike

Storeys – Here’s where median-income households can still afford to buy a home in Canada

Canadian Mortgage Professional – Canadians are delaying home purchases amid rising economic pressures

Canadian Mortgage Trends - Fixed mortgage rates expected to rise this week 

Canadian Mortgage Trends - CIBC’s Tal: “This is not a meltdown,” but expect short-term pain 

Keyspire Blog - Using Registered Funds to Invest in Real Estate

Vancouver Sun – Metro Vancouver pre-sale condo market slows as buyers retreat, developers delay projects

Business in Vancouver – Chinese interest in Vancouver real estate recovers

Victoria Times Colonist – Somass Mill site plan attracts interest from developers


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The ancient Greek philosopher, Heraclitus, said, “Change is the only constant in life.” Well, that’s certainly true. Things change. Often!

Kids get older.  People take on new hobbies. Careers evolve.

As a result, a house that was perfect when the owners originally purchased it may no longer be ideal. That can be the reality even if they’ve only been living there for a short time.

While you may not be in that situation now, you might be in the next few months or years. When that happens, you can count on me to help.

In fact, there are a couple of ways I can work with you as your house needs evolve.

For example, if you need to renovate, I may be able to recommend a good contractor. And, of course, if you need to find a new, “more perfect” home, I can work with you to make that happen.

Just know that I’m here to help ensure your home continues to be the ideal place for you. So, when you have questions or need advice, reach out to me.

Best regards,

Diana Winger Personal Real Estate Corporation | eXp Realty

CNE, SRS, SRES, ABR | 250-588-8839

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