Not all problems are deal-breakers when buying an investment property. In this blog, we break down which repairs are worth overlooking in Toronto’s market — and which ones can kill your profit. Backed by local data and investor insights, this guide helps you make smarter buy decisions.
Which Repairs Can Be Overlooked When Buying Investment Property in Toronto?
When buying an investment property — especially a wholesale deal — it’s easy to get caught up in every scratch, stain, and sagging cabinet door. But if you’re flipping homes in Toronto, not all repairs are created equal.
Some issues can be safely overlooked (or delayed), while others will eat into your profit margin and timeline fast.
Here’s how to tell the difference — with Toronto-specific numbers to back it up.
📊 Toronto Investment Property Costs: What’s Worth Fixing?
According to Altus Group and Toronto Real Estate Board (TRREB) data, average renovation costs in 2024 across the GTA look like this:
| Repair Type | Average Cost (GTA 2024) | ROI on Flip (Estimated) |
|---|---|---|
| Roof Replacement | $8,000 – $15,000 | Low |
| Furnace/Boiler Replacement | $4,500 – $8,000 | Moderate |
| Electrical Rewiring | $10,000 – $20,000 | Moderate |
| Kitchen Remodel | $25,000 – $50,000 | High |
| Bathroom Remodel | $10,000 – $25,000 | High |
| Cosmetic Repairs (paint/floor) | $5,000 – $10,000 | High |
✅ Repairs You Can Often Overlook (or Postpone)
If you’re buying a discounted off-market property from SLG Property Deals, you’re likely getting it as-is. These are the issues that look scary — but typically aren’t worth walking away from:
1. Old Paint or Wallpaper
Peeling, faded, or outdated colors are cheap to fix and have high visual impact. Don’t let this deter you.
🔨 Cost to fix: $2,000–$6,000
💰 ROI: High (especially with neutral tones)
2. Worn Flooring (That Isn’t Rotten)
Hardwood refinishing or new laminate is relatively affordable and gives a modernized feel.
🔨 Cost to fix: $5–$8 per sq. ft.
💰 ROI: High on entry-level or mid-flip homes
3. Dated Kitchens or Bathrooms (If Structurally Sound)
Outdated doesn’t mean damaged. A full remodel will add value, but many investors buy now and renovate later when budgets allow.
👷 Tip: Focus on layout and plumbing condition first.
4. Minor Plumbing or Electrical Issues
Loose fixtures, missing covers, or slow drains aren’t expensive. Just ensure there’s no systemic issue like knob-and-tube wiring or lead pipes.
5. Basement Not Finished
A blank basement is an opportunity, not a problem. It won’t kill your deal — and it may boost resale value if you finish it later.
⚠️ Repairs You Shouldn’t Overlook
Some issues are red flags. If you spot these, factor them heavily into your rehab budget — or negotiate the price accordingly.
| Major Repair Warning | Average GTA Cost | Risk If Ignored |
|---|---|---|
| Foundation cracks/leaks | $8,000–$30,000 | Water damage, structural issues |
| Roof leaks or rot | $10,000+ | Mold, resale resistance |
| Full electrical replacement | $15,000–$25,000 | Insurance issues, fire hazard |
| Sewer line damage | $8,000–$20,000 | Backups, expensive emergency repair |
| Asbestos/mold remediation | $5,000–$20,000 | Legal and health liabilities |
📉 Investor Insight: Profit Shrinks With Over-Repairing
Here’s a typical case study from one of our buyers:
Case: Cosmetic vs. Full Gut Flip
| Deal Type | Purchase Price | Reno Budget | Sale Price | Net Profit |
|---|---|---|---|---|
| Light Reno Deal | $630,000 | $50,000 | $790,000 | $80,000 |
| Full Gut Property | $590,000 | $130,000 | $790,000 | $20,000 |
✅ Moral: Sometimes the “uglier” house gives you the cleaner profit — if the bones are good.
🧠 Final Tip: Know What Adds Value in Toronto
Toronto buyers care about:
- Updated kitchens & baths ✅
- Curb appeal and entryways ✅
- Finished basements in family areas ✅
- Parking, especially in the city core ✅
They don’t care much about:
- New furnaces (unless it’s broken)
- Fresh roofs (they assume it works)
- Luxury fixtures (unless it’s a luxury home)
💬 Final Thoughts
As a real estate investor, your job isn’t to make every house perfect — it’s to maximize return on your renovation budget. That means knowing which repairs matter now… and which ones can wait.
At SLG Property Deals, we specialize in off-market Toronto investment properties — many with fixable issues and deep discounts. If you want deals that leave room for profit (without full gut jobs), join our buyer list today.
📥 Ready to find discounted homes that make smart sense?
Join SLG Property Deals and get exclusive access to Toronto wholesale properties before they hit the market.