This may seem daunting, but before you completely turn down the idea, read on. In many cities, there are fantastic old homes in established areas that are more than capable of being turned into your dream home. The other side to buying and renovating and older home is to do it as a flip....essentially to turn around and sell after the renovation. In Saskatoon, we are seeing rejuvenation and renovation of one of the oldest areas of town, Riversdale. The great thing about this area is that not only are people choosing character homes to renovate, but the city is turning this area into a go-to hotspot. It's a fantastic community with lots of local business' and accessibility to beautiful riverside views. It's a perfect area for anyone who likes to be surrounded by beautiful trees, a strong community and already well laid roots. Here are some things to consider:
1)Look at real estate in older areas:
In any city there are many established areas that are being rejuvenated and reborn into places that you would want to raise a family. Lots of the homes for sale will be older style, single family homes. While they may look a little rough around the edges, try and see past the cosmetic things you can fix. If you need any help from a real estate agent, The Mortgage Associate at TMG Saskatoon would happily recommend one of that fantastic professionals he works with.
2) Appreciate the history:
Older style houses have lots of amazing history. Whether its rounded doorways, original hardwood floors or an exposed brick wall, these are things that give the home fantastic character that you will not find easily in a new build.
3)Know what you are approved for:
While there are costs to a renovation, there are also huge cost saving benefits. First off, many older homes are listed well below the cost of buying brand new. This is an advantage to get the best of both worlds....a character home in an area you love, with upgrades and renovations to really make it your own. The best way to know what you can afford is to sit down with The Mortgage Associate at TMG Saskatoon and go through what you are approved for.
4)Learn about renovation:
There are lots of renovation companies that can make your renovation ideas come to life. Go to more than one, ask questions, and see what is available in your city. Another cost effective way to renovate is to do most of the renovations yourself. Many things such as changing flooring, painting, tiling, etc. can be learned easily so you can complete them yourself. Places like the Home Depot even hold free classes and seminars to learn such techniques. Coming up this weekend in Saskatoon is the Saskatchewan Homestyles Home and Renovation Show. It's a 4 day Show of over 400 booths of business' and professionals showcasing different ways and products to use to renovate your home. This is a great way to learn the costs of different types of renovations and to make connections with people you may want to hire.
As always, The Mortgage Associate at TMG Saskatoon is here to help at anytime along the way with any questions or recommendations you may have.