Looking to save money on your home purchase by buying a renovator’s dream?
While renovating can be a great way to add property value or transform a home so it meets your needs perfectly, there are a few things you should think about before jumping straight into a major renovation project.
How much work does the house need?
Before deciding on a new renovation project you need to assess exactly how much work needs be carried out and the timeframe and costs involved. While you might think a home only needs a few tweaks to become habitable, it’s easy for projects to pile on top of each other and for costs to blow out. It’s a good idea to have a project plan in place before making the decision to tackle any building projects.
Have you got any renovating experience?
Popular TV renovation shows may make renovations look easy, but it’s important to be aware of your capabilities before picking up a hammer. Some renovation tasks are more complicated than they first appear and may require expensive materials or the use of a certified tradesperson.
While you certainly don’t need to be able to carry out all your renovations yourself, it helps if you can recognise the work involved and have money put aside for the jobs you don’t want to (or can’t) do.
Is the house liveable as-is?
If you want to buy and then save up for renovations later then you’ll want a property that is habitable in its current state.
Safety is paramount when considering a “’doer-upper”, so it’s a good idea to have a professional building and pest inspection carried out so you know of any issues right away and have the funds available for immediate repairs should you need them.
Is the house more suitable as a knockdown rebuild?
Some houses are beyond repair and it may be more economical to remove the home and start again from scratch, particularly if most parts of the home need replacing.
Of course, if the property has solid features and/or is in a heritage neighbourhood then it deserves to be restored to its original glory. Just keep in mind that heritage listed properties are likely to have strict design conditions and can make renovations more difficult.
Before buying a renovator it’s always a good idea to carry out your own research and make sure that the property is the right option for you.
Renovating isn’t for everyone, but if you have the funds and the know-how you can help bring a home back to life and possibly make a handsome profit too.
Looking for a property to renovate in the Mudgee region? Get in touch with the Professionals Mudgee team.