If you are looking at Saltspring Island real estate, you’ll see a wide spectrum of properties available. Some might look like the perfect home on the surface, but when you get inside to view the home, the reality might tell a different story. Conversely, some might not look all that great when you look at Saltspring Island real estate listings online, but if you’re only looking at cosmetics, you could be losing out on a great potential home and a great potential investment (with the right TLC). While some people have a list of what they consider ‘must-haves’ on their home buying list, there are some advantages of buying a less-than-perfect home.
Getting What You Want
Some people look at Saltspring Island real estate for their retirement or for their ‘forever’ home. If that’s what you want and you aren’t big on renovations, then there’s a case to be made for buying a home that has all you want and that is 100% move-in ready. However, if you are flexible and are able to handle at least some renovations, you might want to consider buying a home that needs a bit of updating or TLC. By doing so, you’ll get a property with “good bones” and you may get it at a bargain below asking price.
Boosting Value
If you buy a completely renovated Salt Spring Island home or one that’s brand new and has every bell and whistle that you could want, you might not see a whole lot of revenue potential in selling the home within the next few years. By improving it significantly you can turn a tidy profit if you had planned to flip the home.
Many people looking at a home for sale have a minimum amount of square feet, or a minimum number of bedrooms in mind, and perhaps some other must-haves. But if a home is in the right neighbourhood, has space to improve, and has the ability to earn you a profit, you might seriously consider buying a home with potential to put in a bit of money and effort in order to improve that home and significantly boost its value.
Talk to your REALTOR® about what you want, what you need, and what you’re willing to spend as well as talk about potential for upgrades if that’s something you’re willing to do, and you could find that your list of potential homes to view grows significantly.
