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Today: 20.01.2018 - 03:27:36
   Canada Mortgage Hub Discussion Board -> Mortgage Winnipeg -> Is 5000 dollars enough to buy a fixer upper house?
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rnore

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Is 5000 dollars enough to buy a fixer upper house?
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Post # 1.

rmystero

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Ask the carpenter is there any major repairs need to be done to the house? Cause if there is, most likely it be more than $5000 to repair. Or for a more accurate assessment, pay for a licensed building inspector to check on the house as they have experiences in looking for damages to the house that some people will miss. If there isn't any major damage, ask yourself, is the house is worth living? Can you see yourself living in it? Is it close to shopping, transport, hospital and school? How is the area? If you buying to live in, is it a good location and meet your requirements? Or you want to fix and sell it to make a profit? Can you afford the repayments and have savings to cover unexpected circumstances? Like you said, the mortgage is cheaper than renting, if all is good, I would buy the house, it sound like a good deal.
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nightswing

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depends on the condition - it might not pass an occupancy permit inspection, meaning you would have to get everything fixed that failed BEFORE you would even be allowed to live there and that could cost a lot of money - mortgage company may also not approve a loan if the house is not immediately livable
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