Finding the Perfect Home to Renovate
There are many reasons to buy a property – necessity, investment and the desire to own your own home to name a few. Alongside each of these varied motivations are myriad goals and intents for the property once it’s been purchased.
One such intent is the intent to renovate. Some prefer to buy their homes complete already, while others are comfortable buying properties that don’t even exist yet (buying off the plan). But the renovators prefer to buy potential – a pre-existing property that’s incomplete, but could be hugely rewarding if renovated properly.
So how do you determine which properties have that potential? What should you look out for? What should you avoid?
Like all property purchases, the renovator should be acutely aware of the location of the property and its associated implications. If the location is perfect, almost nothing can get in the way during renovations.
Gain an understanding of the suburb the property is located in. What development projects are in effect for the future? What is the crime rate? Are there schools or universities present?
Your real estate agent should be able to help you here. Ask them what you should be considering regarding location, and ask for the relevant information – but always get a second opinion.
Many renovators steer clear of homes with obvious foundation issues. But before you let a dodgy roof or other structural concern dissuade you, ask a contractor to take a closer look. Provided the right repairs are within your budget, these properties could still be great opportunities.
When you look through the property for the first time, consider what you’d like to change and what you’re going to be doing. You should be keeping mental notes so that you can create a rough budget in your mind.
If you’re unsure, bring someone along who can offer you an honest, unbiased estimate. It’s imperative that you know what you’re getting into ahead of time.
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of buying a home, you can contact us for advice about the best options for you when it comes to your mortgage. The cost of your mortgage can drastically affect your financial planning, so it pays to speak to the experts about it.