Close to Vancouver, a young couple recently undertook a major house renovation. It is taking longer than expected, because those things often do and, in this case, because the “minor” excavation included the accidental severing a hydro line.
That’s an example of the kind of disadvantages you can encounter when buying a fixer-upper.
Disadvantages?
Can you say stress? Even if the power line isn’t cut, there are usually surprises that make re-construction, renovation or re-designing a fixer-upper somewhat stressful.
Live-in, live-out: When you buy a fixer-upper and plan to live in it while the work is being done, be generous in estimating how many days or weeks you think it will take because the process is often longer than shorter.
Cost: In badly wanting something to happen during the decision-making process, it’s easy to underestimate how much it will cost, so it’s important to build “miscellaneous” into your renovation budget (adding 10 to 15 per cent is a good rule of thumb).
Unexpected problems: Re-read the first paragraph.