Blues BUYER’S
The real estate market in most urban centres, as we all know, is insane. In downtown Toronto, for example, decades-old semis in need of major renovations are selling for more than a million dollars. It’s a tough pill to swallow for purchasers, especially first-time buyers. So last summer, when one of my best friends asked me to house hunt with him, I was eager to help him get the most value for his money. When we found a small Victorian in an up-and-coming neighbourhood for less than a million, we were thrilled. The house had terrible curb appeal, was poorly renovated and desperately needed a new kitchen and bathroom. But it was also a detached property with lots of natural light, and had a nice backyard as well as a parking spot. The renovation seemed straightforward – nothing I hadn’t dealt with before. Likewise, the home inspection didn’t turn up anything unexpected. My friend was sold.
But then the problems started. First, the contractor tore out the bathroom walls and found singed joists. After some exploration, he determined there had been a significant fire in the house. What followed was a series of inspections, repairs and delays. When that issue was finally settled, the contractor moved on to open the back wall of the main floor to install French doors. Simple, right? Sure, until all the bricks began tumbling down. It was more bad news: The foundation bricks were disintegrating, and the house had become perilous. It was heartbreaking – and my worst nightmare! The house I’d encouraged my friend to buy was a disaster.
So now he had two options: Spend a large amount of money to shore up the house or tear it down and start from scratch. Shockingly, the costs were comparable.
After a number of sleepless nights and a lot of toing and froing, my friend decided to build new. For me, it was a bittersweet resolution. I love the original house, but the lesson here is that when the unexpected happens you have to roll with it. Thankfully, we’re working with a spectacular architect, and the drawings for the new place are almost done. It may be another year before my friend can move in, but I can promise him one thing: The house will be just right.