14 Nov 2011

OREA advises homebuyers to consider a ‘fixer-upper’

With home prices expected to stay elevated throughout the remainder of the year and into 2012, a leading housing organization says it may behoove Ontarians to buy a fixer-upper if they're in the market.

Recently, the Canadian Mortgage Housing Corporation reported the average home in Ontario is approximately 360,000 and may rise in 2012. As a result, the Ontario Real Estate Association says homebuyers should consider buying a house that's in need of renovation, as it may ultimately help them save money.

"Everyone wants a house or condo that will be perfect the minute they move in so they only have to do the minimum amount of work to it," said Barbara Sukkau, president of the OREA. "Buying a property that needs work can be a way to save on the overall cost even when you factor in the cost of an extensive renovation."

Home renovations require extensive work and the clearing out of belongings that may get in the way. Jiffy Self-Storage offers cheap storage solutions, serving as a convenient place to house furniture, books, flatware and dishes.

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