The Importance of Getting a Contractor to Assess a Property’s Potential Before Purchase

Williams St, Vancouver

Purchasing a property is an exciting venture, whether it’s your first home, a rental investment, or a renovation project. However, navigating the world of real estate can be daunting, especially for those who are not well-versed in construction or renovation. It’s a great idea to have a qualified contractor assess a property’s potential before finalizing the purchase, just like our client on Williams St.. Here’s why this step is so important to maximize your investment and how to go about it effectively.

Uncover Hidden Problems

Many properties, especially older ones, might come with hidden issues that are not immediately visible during a casual walkthrough. These could include structural problems, outdated electrical or plumbing systems, or even pest infestations. As part of a renovation, the contractor can identify and estimate the repair work needed, so you can make more informed decisions about your purchase. In this home, old wiring needed an update in order meet this family’s modern day electrical requirements. In addition, our inspection of the basement revealed an uneven floor that would need levelling prior to installing the new floor. (You can see how we matched the basement & staircase floor to the existing hardwood on the main floor for continuity throughout the home.) 

Evaluate Renovation Potential

The ability to envision the potential of a property is critical. A contractor can provide valuable insights into which renovations can be done and how they can enhance the property’s value. They can assess the layout, structural integrity, and necessary updates, giving you a clearer picture of what it would take to transform the space into your ideal home or investment property. In this case, the client was put off by the small primary bedroom, and as a result had almost decided against purchasing this particular house. Being a GC for many years, Richard has the eye to solve problems with unique ideas. Here he suggested opening up the hidden attic staircase behind the bedroom wall for an eye-catching feature, and creating a vaulted ceiling to make the small room feel more spacious. This design idea came with the added bonus of a multi-purpose loft space to use an office, yoga studio or just extra storage.  

Estimate Renovation Costs

Understanding the financial aspect of renovations is essential for budget planning. A contractor can provide you with accurate estimates for repairs and renovations, helping you determine whether the property fits within your budget after accounting for potential expenses. This information can also be a point of negotiation with the seller, potentially leading to a better purchase price. Here the buyer was able to consider the cost of a renovation as part of his overall expenses to decide if it still made sense as a purchase.  

Assess Compliance with Building Codes

When renovating a property, complying with local building codes and regulations is paramount. A contractor will be familiar with these codes and can assess whether the current state of the property adheres to local standards. In this William St home, supports were put in place to hold up the roof in order to finish the staircase and loft space, creating support so the home remained structurally secure. It’s also important to consider necessary permits that will be required for planned renovations, preventing you from facing unexpected legal or financial repercussions down the line. 

Determine Resale Value

If you’re buying a property as an investment, understanding its potential resale value is crucial. A contractor can evaluate which improvements might offer the best return on investment. They can guide you on which renovations are likely to appeal to future buyers, helping you to ensure that your investment pays off in the long run. And if you can maximize your use and enjoyment of the property while living there, even better! In the William St home, the client wanted to refinish the basement bedroom for his teenage daughter to have her own space, as well as adding a new bathroom for her as well. Finishing these two rooms immediately adds to the value of the home and its resale potential.  

Save Time and Stress

Buying a property can be a stressful process, particularly when unexpected issues arise after the purchase. Having a contractor assess the property beforehand can relieve some of this stress. Knowing what to expect allows you to prepare more effectively and make decisions that align with your renovation goals. But of course, when you’re renovating a home, and especially an older home like this one, there are always hidden surprises …  

Build a Relationship

Having a contractor assess a property before purchase can also lay the groundwork for a positive working relationship. If you decide to buy the property, the contractor you consulted will already have familiarity with the home, which can streamline the renovation process. This established connection can also foster better communication and collaboration as you embark on your renovation journey. 

 

Before making one of the most significant financial decisions of your life, it’s wise to invest in a contractor’s assessment of the property’s potential. From uncovering hidden issues and evaluating renovation possibilities to estimating costs and ensuring compliance with building codes, the value that a contractor can provide is immeasurable. Armed with this extra knowledge and insight, you can approach your property purchase with confidence, knowing you’ve made a thoroughly informed decision. 

Remember, a little due diligence can go a long way. By prioritizing a contractor’s assessment, you’re not only protecting your investment but also paving the way for a successful renovation journey. Let us help you maximize your investment potential; call us for a consultation before you make a purchase. 

 

Design by Domicile Design @alignyourspace