Fallen for a Fixer-Upper? Here Are 7 Questions to Ask Before You Buy
Planiprêt
Oct 06, 2025
You’ve found a house that has potential, but it clearly needs some love. Whether you’re planning to renovate it for your family or flip it in a few years, it’s important to ask the right questions before diving into such a project. Here are seven essential questions to consider before making your move.
1. What is the fair market value of the property?
Your real estate broker is your best resource here. With access to specialized databases, they can compare recent sales in the area, municipal assessments, and market trends. This will help you determine whether the asking price is fair or if it’s hiding costly repairs.
Tip: Ask for a Comparative Market Analysis (CMA) to get a clear picture of similar properties recently sold in the neighbourhood.
2. What repairs are needed?
Cosmetic issues are easy to spot, but structural problems often go unnoticed. A pre-purchase inspection is essential. The inspector will assess the foundation, roof, structure, electrical, plumbing, and heating systems, as well as check for mold or water infiltration.
Invisible repairs are often the most expensive—and the least profitable when it comes time to sell.
3. How much will the renovations cost?
Hire a contractor to get a realistic estimate. Identify which tasks you can handle yourself and which should be left to professionals. Be sure to include a contingency budget of 10 to 20 percent for unexpected issues. Also, check whether some of the work can be financed through your mortgage.
A mortgage broker can help you explore renovation loan options.
4. Is your whole family ready to live in a construction zone?
Renovating means living with dust, noise, and sometimes without a functioning kitchen for weeks. Make sure everyone in the household is on board with the disruption.
Consider setting up a “refuge” room where you can relax away from the mess.
5. How long will it take?
Create a realistic timeline. Prioritize tasks based on urgency and budget. For example, start with the kitchen (often the most expensive), move on to the bedrooms (easier to renovate), and finish with the bathroom.
Always build in extra time for delays. A six-month renovation can easily stretch to a year.
6. What are the local regulations?
Before changing the exterior or knocking down walls, check with your municipality. Do you need a permit? Are your chosen materials allowed? Are any of your renovations eligible for grants?
A quick call to the urban planning office can save you a lot of trouble—and fines.
7. Which renovations offer the best return on investment?
If you plan to sell in the short or medium term, focus on improvements that increase perceived value. For example:
- Choose quality countertops over expensive custom cabinetry
- Stick to neutral, timeless colours
- Maximize storage space
- Replace the roof if it’s in poor condition
- Install energy-efficient windows
- Refinish hardwood floors with sanding and a fresh coat of varnish
- A designer or real estate broker can help you identify the most profitable upgrades.
Need a hand?
At Planiprêt, we’re here to support you every step of the way. Whether you need help evaluating your borrowing capacity, incorporating renovation costs into your mortgage, or connecting with trusted professionals, our team is ready to help.
Contact us today to discuss your renovation project.
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