Buying a home as-is can be enticing. If you have been struggling to get into the Comox Valley market, the price point can be more affordable. For others looking to buy it can be a viable option to explore. Housing supply is low in Courtenay and Comox now. It may be your avenue in.
However, it is important to bear in mind the decision to buy a home as-is works for some, but
not for all. Buying “as-is” means the homeowner is selling the home in its current condition. The seller will make no repairs or improvements. What you see is what you get, but what you don’t see is also what you get.
With the correct steps taken, buying a home this way could be a calculated and worthwhile risk that pays off. Not everyone will have the same experience. The seller isn’t warranting anything about the home and they are not going to be making any fixes or repairs.
Buying a home as-is comes with its own unique set of benefits and challenges, some of which are outlined below.
When buying as-is in Comox could be a good idea
There are several reasons why the property may be sold as-is.
Homes sold in as-is condition don’t necessarily mean they’re faulty. Sellers may want to sell this way because they want a smoother transaction with less hassle. They may be a beneficiary who has never even lived in the home. It may be an estate sale and they are in no position to warrant anything.
Other situations where buying as-is could be the best move would include when a buyer is in a multiple-offer situation and they really want to win. Knowing they plan to gut and fully renovate the property means it doesn’t matter if there is work to be done. Having the seller warrant any repairs or guarantee everything is in working condition is unnecessary in a case like this.
There are specific instances when an as-is sale is advantageous, but knowing exactly what’s being bought is crucial. The only way for the buyer to be sure they know what they are buying is to have a home inspection done. This will reduce any major avoidable surprises down the line.
When Buying a Comox fixer-upper might not be a good fit
It’s wise to have a home inspection done so there’s a clear understanding of exactly what the buyer is getting into. Knowing what repairs are required upfront, as well as the cost, is a must. As-is properties tend to be attractively priced. That doesn’t mean potential buyers should blindly launch themselves at the opportunity. Refurbishments can add up and become costly, especially if they have to be made at a structural level.
It cannot be stressed enough. Not having the property inspected and purchasing the property only to find out there are an array of deficiencies and major issues would be a mistake. The responsibility would fall on the new owner to fix any defects. The mindset and skills of the buyer are also very important. If they’re not handy, tackling DIY projects could end up costing more money in the long run. If or when professionals need to be brought in to rectify the problem there will be a further expense.
Is buying a home as-is for you?
As is said, there’s a home for everyone, but not every home is the right one. Despite the compelling price point, buying a home as-is can become a financial burden. It’s certainly not all doom and gloom when it comes to these types of properties. Secure an inspection and build a clear understanding of the work and costs required.
Work with your REALTOR® to find out your personal boundaries when it comes to taking risks. If you find an as-is property you’re interested in, have them research why the seller has it listed that way. For some, it may be worth the potential payoff. For others, the stress and headache could be big deterrents.