With real estate the price it is today, many of us are looking for bargains. We shop real estate listings looking for houses which need some work, so that we can negotiate sharply on the price.
Of course, you may just have happened to find the perfect house in a Toronto zip code for you, but it just needs a few repairs. Rather than pass up the chance to buy it, you decided you could take care of replacing the not so modern bathroom vanity and the kitchen cupboards.
If either is the case for you, and you haven't yet made an offer, it can help hone your offer to understand how much some of these repairs may cost. Let's take a look at a few common home repairs you might want to do on that old house you like so much.
Finishing the Basement
There's nothing that allows a buyer to bargain like an unfinished basement. They require a lot of work, but that work may not be as expensive as you think. Count on putting in carpet, framing, drywall, lights, windows, and maybe even a door. If you use contractors such as those who put in windows and doors, drywallers and so on, finishing a basement will cost about $20,000 on average. Doing the work yourself, and only buying materials, could mean you pay half as much.
Of course, that's all assuming that you don't need to do any more digging in the basement or other expansion work. In that case, you'll have to worry about the additional costs of subsurface utility engineering to ensure you don't hit any system lines as well as heavy equipment rentals.
Most older houses need a few changes to basic systems such as furnaces and hot water tanks. On the one hand, this can seem pricey, on the other it' a good chance to bring systems up to the modern day and age.
Instead of buying a new hot water tank, which will last about ten years, why not consider putting in an instantaneous water heater? These take up less room, last a lot longer, and will save you hundreds of dollars in utility costs over their lifetime. For purchase and installation, they will cost around $3000.
Those are just two of the most common costs for new owners of older homes and other older real estate. Knowing these costs can help you decide the proper amount to pay for the home.