Welcome to Karen's Ottawa Real Estate Blog (613) 721-5341 Sign in | Help
First time homebuyers in Ottawa buy a fixer upper and share thier experience

My boyfriend and I recently bought our first house and despite our initial inclinations towards newer, well maintained homes, we ended up buying a fixer-upper.  Some might ask how we got to a position where we were willing to buy a place that didn’t leave a good first impression.  As Karen took us from home to home, we discovered that each place had something that wasn’t perfect about it: perhaps the carpeting wasn’t great or the layout of the kitchen just wasn’t right.  Because these places were priced near the top end of our budget, it meant that we would have to live with these imperfections for quite some time and that was a bit of a let down for both of us.  One afternoon, we were shown a townhouse that had some obvious work done.  Floors had been replaced, the kitchen and bathrooms had been redone and there was a fresh coat of paint on everything.  Upon closer inspection, it became apparent that a lot of the work had been done by the owners of the home as there were a lot of flaws in the completed renovations and even projects that had not been completed.  Despite these setbacks, we were still very interested in the place as we saw ourselves being able to finish where the homeowners had left off and create a home that we were truly happy with.  Unfortunately, the sellers were unimpressed with our offer (which we thought was fair considering the work that still had to be done) and the deal fell through.  From there, it was like another door opened in our house hunting experience and suddenly we found ourselves looking at places we wouldn’t normally have given a second glance.

The house that we settled on had the layout that we wanted.  That was important because demolishing walls can be risky business when you don’t know what sort of supporting beams, plumbing or electrical elements lay behind the drywall.  It had a finished basement as well, which was another endeavour that we admitted we didn’t want to take on.  We made sure that we bought a house that only needed the renovations that we wanted to take on.  It had been occupied by tenants for the past several decades and therefore everything in the house was original to the home or in a shabby state; definitely no sign of pride of ownership in this place.  We had a vision though, and what was once a place that few buyers would have been interested in is now a place that we receive compliments on every time our friends or family walk through the door.  Here’s a small list of what we undertook to renovate:

-         ripped out old kitchen and bathrooms and replaced with new

-         replaced every square inch of flooring in the place

-         brand new coat of paint on all walls, trim and closets

-         remodel the backyard by adding gardens and patio stones to make an outdoor

extension of the house for the summer months

As I look at the list now, it looks small in comparison to the work that’s involved with actually completing it.  However, we have learned that it is doable and can be affordable and at the end is very rewarding.  The best part is that we have done most of the work ourselves.  We have hired only two professionals (carpet guy and kitchen cabinet guy) and were able to do all of the plumbing and electrical, lay the laminate and linoleum, replace the bathrooms, paint the whole house and garden all by ourselves.  It’s been a rollercoaster of a ride, through the good times and the bad.  We’d like to share with you some of lessons that we’ve learned along the way.

  1. You can do it!  Give yourself more credit, learn new skills and become ‘handy’.  Your pocketbook will thank you because labour is often the most expensive part of renovations.
  2. On that note, know when to hire a professional – admit your strengths and your weaknesses and plan to spend a good chunk of your budget on the things you that you don’t really feel comfortable doing yourself.
  3. Even if you’re sure you’ve got all the numbers right, add 50% to your renovation budget.  The unexpected will always occur and the little things add up in the end.
  4. You are not alone.  Believe it or not, you have a wealth of free labour all around you…they are called your family and friends.  For some of the easier projects, like painting, host a painting party.  Free food and beer can be strong incentive to tempt your loved ones to your home to help you paint.  You’ll be amazed at how quickly you can paint a house with just a couple of extra pairs of hands, plus, it’s a good time to catch up because once you’re in the middle of your renos, you may find it hard to get out and see them again ; )
  5. Take it one project at a time.  While you may have several projects on the go, be sure to make priorities, make a list and start checking things off one project at a time.  It’s easy to get overwhelmed with all the little things that need to get done, which ties into….
  6. Be organized and set realistic goals.  Rome wasn’t built in a day and neither will your house.  Sadly, most renos are not like Trading Spaces and will not be completed in the span of three commercial breaks.  Be prepared to live in renovation mode for a little while….it’ll be worth it in the end.

(Aside tip: go to the dollar store and buy several tape measures….you’ll only ever need one but you’d be amazed how many times those things get lost during renos!)

Posted: Wednesday, September 05, 2007 10:13 AM by Karen Cayer

Comments

Carin said:

First time homebuyers can save money by insuring their new mortgage with term life insurance. This option has the advantage of the homebuyer and not the lender naming the beneficiary. Additionally, the premiums are non-taxable. If you would like extended coverage, choose a term life policy that converts into whole life insurance when the term ends; most will not ask for further medical information. If you would like to know more about using term life to insure your mortgage, or simply to compare quotes, please visit us at http://www.life-insurance-quotes.ca.

# December 29, 2007 11:00 AM
Leave a Comment

(required)

(required)

(optional)

(required)

Comment Notification

Subscribe to this post's comments using RSS