Investing in a handyman special is a fantastic way to create instant equity if you can spot a diamond in the rough that may just need some cosmetic upgrades or structural repairs. For individuals who aren't afraid of a little hard work and spending some money today in order to turn a profit down the road, handyman specials really do present a great opportunity. The Honey Real Estate Team is proud to provide an all-encompassing guide to handyman special properties currently listed on the Edmonton area MLS® database. These properties will vary in size, price, and location - again, some may just need some minor upgrades while other homes may need a complete overhaul. In most cases, the better the bargain seems, the more work needs to be completed in order to maximize property value in the future.
It is important to remember how important a realistic budget is when it comes to weighing the pros and cons of purchasing a handyman special property. By being conservative in your potential profit estimates and leaving a ton of "wiggle room" for unexpected expenses - which occur quite frequently with these types of homes - you can really find a ton of fantastic bargains when compared to other similar properties that are a bit more polished.
Deciding to purchase a fixer-upper or handyman special is certainly not a decision that should be taken lightly, as there are often many surprises along the way -most of which end up proving to be quite costly. However, if you are able to problem solve and create a financially efficient game-plan, the risk-reward ratio may reward your patience and planning with exponential returns.
For most investors, a perfect fixer-upper is a property that will create a ton of demand on the market in ideal condition but has almost no demand in its current state. The vast majority of home-buyers want to purchase a property that only has a very minor number of imperfections, That's where a well-educated eye can come in to play, as spotting a property that just needs some new paint, carpeting, or updated fixtures can transform an outdated or undesirable home into a source of huge resale value after the necessary adjustments are made.
Another factor that is extremely relevant when looking at handyman special properties is location. Try to avoid investing in a project that is a tough sell even when the property is in ideal shape - the best fixer-upper projects will be homes located in ideal or up and coming neighbourhoods that are surrounded by well-maintained properties. The home should also appeal to the widest range of potential buyers as possible, so it is also important to consider characteristics such as layout, home configuration, and cosmetic versus fundamental issues. Finally, make sure to get the home inspected so you can avoid issues such as roof repair, pest infestation, sewer/septic tank leaks or cracks, and other resale hazards.
While the handyman special buying process can often have a few ups and downs, the Honey Real Estate team knows exactly how to help you navigate a competitive Edmonton fixer-upper market. Connor and Shauntel check and update the Edmonton MLS® database on a daily basis before compiling the list found directly below. Not only can they outline the specifics of each type of handyman special currently available in Edmonton, they will also provide professional advice and some budgeting clarity. For more details on Edmonton handyman special listings or to set up an appointment to view specific property, please contact us by filling out the form located at the bottom of this page.