How to buy the right property to renovate
By Advantage Property | 5th Jun 19
Your how to guide.
With the popularity of renovation shows, more people are wanting to get in on the renovation dream by purchasing property and transforming it into their dream home. So how can you pick the right property to do so? There is always some risk when choosing to renovate so here are some ways to help discern if the property you are looking at is within your budget and skill set.
Adding value to the current property
This is especially important if you are renovating to flip. When surveying a potential property it is essential to see how you can add value to the current bones of the home. Adding an additional bedroom or bathroom are no brainers when adding value especially if you can add in features like an ensuite or walk in robe.
If the home has a retro floorplan make sure you have the right knowledge or advice if you are looking to open up spaces traditionally sectioned off as rooms such as the dining and lounge areas.
Tip: An open plan living space always adds value in terms of functionality, space and selling appeal.
Seek professional advice
If your property needs more than a fresh coat of paint or new floors, it is important to factor in professional advice to ensure that you are on par with your renovation budget and timelines. Don’t get lost in the romance of renovating as time is money and often there are little hurdles along the way. This is especially important if you are undertaking much of the renovation yourself or have a very strict budget and timeline to adhere to. You need to really be honest with your budget and add a buffer in place to ensure the process does not halt because you run out of money!
Know your market and location
This is applicable if you are looking to renovate to flip or to live in long term. You should always view your property as a way to benefit you in the future. Understanding the location of the property, the demographics and how people live in that area is important before undertaking a redesign or renovation. In the instance you go to sell for example, this will be especially important to attract the right buyers to your home so you can sell for a profit.
Ensuring you do all your due diligence is imperative to a successful renovation. Be sure to check if there are any council restrictions like heritage or character overlays or even flooding and easements before purchasing.
For more information and inspiration, visit our Facebook or Instagram pages. If you would like to undertake your own renovation without the stress we can talk about the various Group Block Opportunities available which help our clients’ purchase, renovate and sell for a profit. Contact us today.