Dreaming of buying a home, but can’t afford a move-in-ready beauty? You might be tempted by a fixer-upper. It’s cheaper, full of potential… but is it the right move or a renovation nightmare?
Let’s break down the real pros and cons so you can decide if rolling up your sleeves is worth it.
✅ The Upside of a Fixer-Upper
💸 Lower Price: Fixer-uppers are often priced well below market value, giving you a shot at neighbourhoods you thought were out of reach.
🎨 Customization: Knock down walls, build your dream kitchen, or finally get that Pinterest-worthy bathroom—you’re in control.
📈 Equity Growth: Renovate smart, and you’ll increase your home’s value. That’s called sweat equity, and it pays off.
🏠 Less Competition: Most buyers avoid renovations. That means less bidding war stress for you.
❌ The Downside to Watch Out For
💰 Renos Can Get Pricey: A $20K budget can quickly double. Always add a 20% buffer — for your wallet and sanity.
🛠️ Hidden Issues: Outdated wiring, mould, leaks—older homes often hide expensive surprises.
⏳ Time & Stress: Whether you live through the dust or juggle rent and a mortgage, renovations are a commitment.
📄 Financing Hurdles: You may need a special mortgage (like purchase-plus-improvements), and it comes with more red tape.
Is a Fixer-Upper Right for You?
Ask yourself:
Can I handle the budget — and the stress?
Do I have time (or a good contractor)?
Am I okay living in a reno zone — or paying for two homes?
Am I emotionally ready for the rollercoaster?
If yes, a fixer-upper could be a savvy move. If not, look for a home that’s a little dated but still livable—you can tackle updates over time.
💡 Make sure to watch the video for all the "Bonus Tips" for Fixer-Upper Buyers
Thinking about buying a fixer-upper in Ottawa? Let’s chat—I can help you decide if it’s the right move for your budget, lifestyle, and goals.
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