Here is a great article about what to consider before buying the “Project Home”

Andy Schildhorn • June 23, 2015

5 Things to Consider Before Committing to a “Fixer-Upper” “Needs a little love,” “project home,” and “fixer-upper” are terms that pop up on listings around the country, aimed at enticing energetic and industrious homebuyers who are looking for a unique and rewarding challenge. However, are you really up for the demands that come with this […] The post Here is a great article about what to consider before buying the “Project Home” appeared first on Andy Schildhorn, PREC.

5 Things to Consider Before Committing to a “Fixer-Upper”

“Needs a little love,” “project home,” and “fixer-upper” are terms that pop up on listings around the country, aimed at enticing energetic and industrious homebuyers who are looking for a unique and rewarding challenge. However, are you really up for the demands that come with this kind of home purchase? To answer this question – and address a variety of other concerns that come with fixer-uppers – let’s hear from some of the leading voices in the real estate industry.

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The concept of the fixer-upper is definitely appealing – as long as you know what you’re getting into before you sign on the dotted line. Unfortunately, too many new homeowners bite off a lot more than they can chew on this front and end up stuck in a bad real estate position. From poor planning to an inflated sense of ability regarding renovations, there’s plenty of issues that can derail this kind of project. However, after reading over these five important points, you’ll be able to move forward with confidence and certainty as you write the next great chapter of your home life.

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If you’re reading this, chances are you either have your sights set on a home that needs a little help to get back in order, or you’re at least considering the possibility of including these types of offerings in your search for a new place to hang your hat. As exciting as this proposition is, it’s still important to understand that investing in a fixer-upper isn’t always a simple affair. In fact, if you’re not careful, this dream home could lead to a certified real estate nightmare. Thankfully, there’s plenty you can do before claiming the deed to ensure that everything goes smoothly as you tap into the potential found within these project houses.

Get Your Math in Order

To start off on the right foot, Geoff Williams of U.S. News and World Report suggests getting your math in order before you even start entertaining the notion of buying a home in need of numerous repairs. As obvious as it may seem, the truth of the matter is that many homebuyers get locked in on certain price points and ball park figures, without any real reasoning behind the decision. Even though guesswork and estimations can suffice for certain investments, these substitutes for actual hard numbers shouldn’t ever hold a spot in the discussion surrounding fixer-uppers.

Thoroughness is the name of the game when it comes to truly getting your math in order. Obviously, spending the time and effort to include every expense – from closing costs to inspections and material supplies – isn’t exactly the most engaging part of the process. Even so, you’ll be thanking yourself later if you get these details hammered out and accounted for as soon as possible.

Understand the Difference Between Fun and Work

Additionally, Williams also goes on to explain that prospective buyers looking into developmental housing opportunities need to understand the difference between fun and work in terms of project requirements. While you might stylize yourself as a “do-it-yourself” kind of person, taking on weekend projects – like renovating a backyard – isn’t the same thing as repairing structural damage.

Outside of separating your preconceived notions from reality in terms of the scope of the project, it’s also necessary to be wary of waning interest in the renovation process. For instance, it’s easy to stay excited and motivated when you’re completely transforming a dated or damaged kitchen, or something else that’s considered fun, but keeping the same level of attentiveness when handling “boring” projects – like replacing a damaged center beam within the foundation of the home – is just as, if not more, important.

Break down Your Project Needs

Once you’re set on going the fixer-upper route, This Old House magazine’s Jeffery Rothfeder notes that it’s time to break down your projects from a variety of angles. First off, figure out what you can and can’t do on your own. This way, you’ll be able to start feeling out contractors and professionals who are capable of handling the job on your behalf.

After this point, it’s time to figure out the order of project development. While most homebuyers might not factor this concern into the discussion revolving around a fixer-upper, you don’t want to inflate the cost of renovating your home via poor sequencing. It might not seem like a big deal in the preliminary stages of the conversation, but finishing up a bathroom remodel, only to have to tear it up to do foundation work, can set you far off course when it comes to your predetermined budget.

Don’t Be Afraid to Bring in an Expert Opinion

Even if you’re convinced that you can handle all of the associated projects with this home on your own, it’s never a bad idea to spring for a second, professional opinion. As G.M. Filisko explains on behalf of the National Association of Realtor’s House Logic blog, relying upon your personal experience – or that of unlicensed friends – could spell disaster for your home’s future. Home inspectors and specialists have years of time on the job and the training needed to spot what the average homebuyer might miss, so don’t be afraid to turn to these professionals as you map out the costs and sequencing of your home improvements.

Review Your Plan Before Signing on the Dotted Line

If you’ve handled all of these considerations thus far and you’re confident that it’s time to sign on the dotted line and take the plunge, pump the brakes a little and step back from the situation for a moment. Purchasing a home in need of work is a challenge that can be highly rewarding, but the last thing you want to do is make a commitment that you can’t reasonably keep. To ensure that you’re comfortable with the path ahead, take some time to review everything you’ve covered here and guarantee that it’s in line with what you’re willing to put into the home.

Naturally, embodying all of these steps comes off as a methodical or overbearing way of approaching the home buying process at first glance, but it’s entirely necessary if you’re serious about investing substantial funds into a fixer-upper. From crunching the numbers to seeking out the help of realty experts, shielding yourself from the myriad hazards that can undo a home in need of renovations is the only way to preserve and realize your own, unique homeowner dreams.

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🏡 2025 Fraser Valley housing market slowest in over two decades despite falling prices and decade-high inventory 📉

By Andy Schildhorn • January 6, 2026

SURREY, BC – Decade-high inventory and softer prices failed to spark buyer demand in the Fraser Valley in 2025. Despite favourable conditions and increased negotiating power, many buyers stayed on the sidelines, making it one of the slowest years for sales in decades. The Fraser Valley Real Estate Board recorded 12,224 sales on its Multiple Listing Service® (MLS®) in 2025, a decline of 16 per cent over 2024 and 33 per cent below the 10-year average. The City of Surrey accounted for the majority of 2025 sales at 48 per cent, with Langley and Abbotsford accounting for 24 per cent and 16 per cent respectively. On the supply side, buyers had more choice than at any point in the past four decades, as new listings climbed to 37,963. The composite Benchmark home price in the Fraser Valley closed the year at $905,900, down six per cent year-over-year, and down 24 per cent from the peak in March 2022.

B.C. Foreclosures Rising as Higher Mortgage Payments Kick In

By Jami Makan | BVI • December 30, 2025

The number of court-ordered sales in Metro Vancouver is jumping, and may continue to grow as a mortgage renewal wave hits Canada five years after the pandemic-era real estate frenzy. Court-ordered inventory, while less than one per cent of the market, totalled 119 properties in the Vancouver region in October 2025, compared with 66 in October 2024 and 28 in October 2023, according to real estate website Zealty.ca (Zealty Online Search Inc.). Foreclosures are becoming more frequent because home prices are correcting, unemployment is rising and people who bought during the pandemic are having to renew their mortgages at higher interest rates, said Adam Major, managing broker with Sechelt-based Holywell Properties. There was a massive increase in home sales from late 2020 through 2022, he said. “This was the height of COVID craziness when [Bank of Canada governor] Tiff Macklem promised rates would stay low forever, the government was sending everyone free money and we all wanted a bigger house to work from home in,” he said. Those homes were financed at rock-bottom interest rates, with the central bank’s policy rate sitting at 0.25 per cent from March 2020 to March 2022. Because Canadian banks generally offer maximum terms of five years, it’s now time for many to pay the piper—at interest rates higher than what some can afford. “It is definitely a bad sign for the market as we are only at the beginning of the big mortgage renewal wave,” Major said. The most sales ever in a month in the region were the 5,715 sales in March 2021, he said. “Those buyers will have to renew this coming March. The number of renewals will stay elevated for a year after that. The average discount mortgage rate in March 2021 was 1.69 per cent versus about 3.79 per cent now, so almost everyone who bought in 2021 and 2022 will be paying significantly more on renewal,” he said. 👉 Read the Article Here

Not a Normal Market: Buyers in Control, Sellers Need a Plan.

By Andy Schildhorn • December 29, 2025

In this episode of Andy Talks Real Estate, I break down the November Fraser Valley real estate market and explain what the numbers actually mean if you’re thinking about buying or selling a home. This market has slowed as we head into the holiday season. Inventory is contracting. Sales are down. Prices have softened after several months of gradual decline. And that shift is creating very different opportunities depending on which side of the market you’re on. For Buyers: Buyers are firmly in control right now. You have more choice, more time, and the ability to negotiate properly. Conditions are back Home inspections matter Financing protection matters Time to make informed decisions Based on what I’m seeing, this buyer-friendly environment is likely to carry into early 2026. For Sellers This is not a market where you can rely on last year’s pricing or momentum. Accurate pricing is critical Professional preparation matters Strong marketing makes the difference Strategy beats waiting Homes that are positioned correctly are selling. Homes that miss the mark are sitting. Market Context The data comes directly from the Fraser Valley Real Estate Board, including: Sales activity New listings Months of inventory Housing Price Index trends Langley-specific market shifts The market feels more like a buyer’s market than a balanced one when you’re out touring homes. Looking Ahead There are early signs of pent-up demand, particularly among buyers with insured mortgage pre-approvals. January and February may stay quieter Activity is likely to build into late winter and spring Preparation is the advantage Have a plan. Know your options. Move when the timing is right for you.