Should I Buy a “Renovators” Delight Property?
The Renovation Factors To Consider
It’s a big decision. Should you buy a newly renovated property or should you go the other extreme and buy a “renovators delight” that needs a lot of work?
Here are a few considerations!
- How quickly do you need to move into the new home?
Are you buying the property as a home and plan to move in after the sale? Then you need to consider how much work you need to do before it’s “liveable.”
This can put pressure on your timelines especially if you can’t afford renting elsewhere until the renovation is complete.
- Is it worth it?
Estimate the time you have to devote to renovating the property versus just buying a completely new property.
The latter could be a better option if it takes months (or years) to renovate.
On the other hand, taking on the renovation can prove to be a profitable exercise especially if it adds incremental property value.
- Do you have the patience and experience to renovate?
The more complex the renovation, the risky it is for you, especially if you have never renovated before.
Remember that smaller renovations can also make a big difference.
By talking to qualified builders you can determine how much structural complexity is involved.
An interior designer or home designer, can help evaluate the property’s potential to increase space and bring to life your vision.
- Your renovation cost?
Always get a property pre-purchase building inspection report completed. This will reveals any major property issues that must be rectified. Assess the cost of these.
And always be over conservative with your renovation budget- even by 20-30%. You never know what will come up!
More Useful Links
Leave a Reply
Want to join the discussion?Feel free to contribute!