Are you thinking about acquiring a Ottawa fixer-upper for investment purposes? Perhaps you are thinking of getting one that you can fix, refurbish and then put up for sale. Perhaps you would like to make it your place of residence? If you can uncover a good fixer-upper in the Ottawa area, you can really make some good money from it. You do need to know, however, what you should be searching for. Let’s discuss some vital things you need to look for when you are trying to find a Ottawa fixer-upper as a form of investment.
1. No structural damage
If you are searching for a Ottawa fixer-upper as an investment, do not look too closely at one that has any kind of structural damage since they tend to have a high repair cost. You may have to hire a professional to evaluate the condition of the condo before you buy it so that any suspected structural damage can be detected. This can easily go unnoticed by an untrained eye.
2. Find problems that are easy to fix
First of all, you cannot go looking for a Ottawa condo that looks beautiful. You need to find one that looks old and unattractive, but has problems that you will not find difficult to fix. Problems such as peeled-off paint and broken flooring can easily be a money-maker in a condo that looks run-down. Even if it promises to sell, the problems you find can take an enormous amount of money off the asking price, if negotiated properly.
3. A quality neighborhood
You will find it easier to locate a fixer upper in a bad Ottawa neighbourhood as compared to a quality neighbourhood, but if you take the time and look for buried treasure out there, you can easily make thousands when you find the right fixer-upper. Be careful and do not waste time with condos in certain parts of Ottawa that you will find hard to sell in the future.
If you are looking for a property investment in Ottawa, you really should get more informed and know what to look for. You can always ask your Ottawa investment property agent to steer you in the right direction. With years of experience under their belts, these agents can keep their eyes peeled on your behalf for the properties in Ottawa that have the best profit potential. All you have to do to get started is pick up the phone and call an agent today.
If you require more details about selling, buying or investing in Ottawa property give me a call. I have a keen eye for finding Ottawa fixer–uppers and would love to show you some current properties available.
HomeLife Capital Realty Inc., Brokerage*
