With housing markets surging in certain parts of the country, most notably Calgary, many potential homebuyers are choosing renovated homes. But while these homes might look inviting and warm, the reno could be hiding something cold, dark and potentially very harmful to the wallet. Whenever you are considering investing in a home that has had ANY renovations in Calgary, even minor ones, you should double-check a few things first.
Is the Reno a “Lipstick Job”?
This is a term often used in the real estate and home renovation industries to refer to a renovation that was not done thoroughly or correctly (e.g. not properly dealing with older plumbing or electrical, not upgrading insulation, etc.), in an attempt to hide potential hazards or other undesirable things from prospective homebuyers.
Questions to ask:
-Why were the renovations done?
-Was it to fix or hide damage like flooding or fire?
-Are these issues truly fixed or just covered up?
-If they are just covered up, are you prepared to re-do the renovation and ensure it’s done properly?
-What will it cost to fix this renovation if required?
Hiring a professional home inspector is the easiest way to get these answers.
Does the Home Have Proper Permits and Inspections for the Work?
This is a step that is often a dead giveaway for whether a renovation was done correctly or not. It is essential to do if you are considering a home with renovations, but it is nevertheless often overlooked.
Questions to ask:
-Were construction/renovation permits received for the work?
-If so, what was the scope of the work?
-Were the corresponding inspections passed or failed?
-If inspections were failed, what will happen if you buy the home?
Calling the City is the easiest way to find these answers.
If you are still not sure about whether or not a renovated home in Calgary is worth buying after gathering all the information noted above, call Jameswood Homes for a quote. Then, you can factor in the projected costs of new renovations into the price of the home in order to make your new home safe, beautiful and fully customized to your needs and style.
- The Jameswood Team