{"id":316937,"date":"2026-10-19T10:34:02","date_gmt":"2026-10-19T14:34:02","guid":{"rendered":"https:\/\/wahi.com\/ca\/en\/?p=316937"},"modified":"2026-10-19T10:34:03","modified_gmt":"2026-10-19T14:34:03","slug":"how-to-decide-whether-a-fixer-upper-is-actually-a-good-deal-ask-a-wahi-realtor","status":"publish","type":"post","link":"https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/buy\/ask-a-wahi-realtor-how-to-decide-whether-a-fixer-upper-is-a-good-deal\/","title":{"rendered":"How To Decide Whether a Fixer-Upper Is Actually a Good Deal: Ask a Wahi REALTOR\u00ae"},"content":{"rendered":"

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Fixer-uppers can provide great value, but they can also become home-improvement nightmares. Here\u2019s what you need to know before buying one.\u00a0 <\/span><\/p>\n

[\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” custom_margin=”||11px|||” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”36px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

By Josh Sherman<\/a>\u00a0<\/span>| 2 minute read<\/p>\n

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A fully renovated move-in-ready home is the dream for most Canadians. Some 64% say they prefer a renovated home, according to <\/span>Wahi\u2019s 2024 Great Canadian Dream Home Survey<\/span><\/a>. Unfortunately, what Canadians want doesn\u2019t necessarily line up with what they can afford. Whether due to budget constraints, penny pinching, or even a strong do-it-yourself attitude, a sizable number of Canadians (23%) are eyeing so-called fixer-uppers. These are properties that require a little (or a lot) of TLC but are normally priced lower as a result. \u201cFixer-uppers are an attractive option for house hunters on a budget, especially if they have DIY skills around the house,\u201d says Wahi Broker of Record Anne Alkok. \u201cHowever, not all fixer-uppers are created equal, and there are also many pros and cons to go over.\u201d\u00a0<\/span><\/p>\n


<\/span>According to Alkok, there are several potential advantages to purchasing a fixer-upper:<\/span><\/p>\n

\u00a0<\/span><\/p>\n

    \n
  1. The price:<\/b> Fixer-uppers tend to be priced lower than similar homes in the area that are in a better state of repair. However, pricing varies for each depending on the home\u2019s condition and the seller\u2019s strategy: anywhere from less than 10% for homes that may need minor cosmetic repairs to upwards of 30% for properties that need major renos.\u00a0<\/span><\/li>\n
  2. The location:<\/b> Because of their lower prices, fixer-uppers can help homebuyers afford property in neighbourhoods they may otherwise have been priced out of.\u00a0\u00a0<\/span><\/li>\n
  3. The freedom: <\/b>Fixer-uppers are often marketed as properties with opportunity \u2014 the opportunity to transform the space to your specific needs and tastes. It\u2019s a marketing tactic from sellers that often holds some truth.<\/span><\/li>\n
  4. The profit:<\/b> If the cost of your renovations is less than the difference between what you paid for the fixer-upper and its present value, then you\u2019re in the green. This profit is on top of whatever appreciation may have otherwise taken place. Buying a fixer-upper can offer a great ROI if done right.<\/span><\/li>\n<\/ol>\n

    Buying a fixer-upper also comes with potential disadvantages. \u201cFirst-time homebuyers should exercise caution when considering the purchase of a fixer-upper,\u201d says Alkok. <\/span>
    <\/span>
    <\/span>There are several potential drawbacks to be mindful of, she says:<\/span><\/p>\n

    \u00a0<\/span><\/p>\n

      \n
    1. Time and money: <\/b>\u201cRenovations can be costly and time-consuming,\u201d says Alkok. \u201cTo be on the safe side, you should always budget for more than you think the repairs will end up costing you.\u201d She\u2019s not wrong: in 2019, some 39% of Canadian renovations go over budget, <\/span>according to a CIBC poll<\/span><\/a> \u2014 and that number likely hasn\u2019t come down since. Following the pandemic, material and labour costs have soared. In fact, a <\/span>separate CIBC survey<\/span><\/a> found that the average reno cost in Canada nearly doubled between 2019 and 2024 to $19,000.\u00a0\n

      <\/span><\/span><\/p>\n

      Then there\u2019s the timing to think about. A construction company estimates that renovations can take anywhere from three weeks to more than nine months, depending on the scope and scale of the work. Here is <\/span>Violet Build\u2019s timeline estimates<\/span><\/a> for the most common types of projects:\u00a0<\/span><\/p>\n