Renovating Is An Opportunity
There are many properties on the market that appear run down or so-called “renovators delight”. For someone that has never renovated, it may appear way too daunting to even consider buying and renovating it.
But on the other hand, those properties may also present an opportunity to create your dream home and even profit from a renovation. But how do you get started? And what are some considerations to make sure buying and renovating is right for you?
Advantages of Buying and Renovating a Home
There are many advantages of buying a home that needs a renovation.
Gain extra living space
Most properties are open for additional space. You can create a bedroom or office depending on the space and your needs. In the same way, this also adds value to the house because it’s functional. It is best to consult an architect or a builder on how you can work around the existing features of the property to gain that extra space.
Increasing your home’s value
Any well done renovation has the potential to increase the value of the property, meaning extra equity in the home or potential to earn a profit if you sell. And this could all happen within months of buying that new home.
Do your homework before you make an offer on the property to assess what a renovation will cost and how much extra capital it may add to your property once completed.
Speaking to a local real estate agent may also be helpful as a guide.
Improve Your Lifestyle and Home Living
A new deck, extra outdoor living space, timber floors, customised kitchen or a bathroom with your favourite tones? You have the potential to create and define all of these when you choose to buy a run down property and renovate it for yourself.
Considerations When Buying and Renovating a Property
The most important part of any home renovation is the selection of the right tradies. Here are some tips on getting this right.
- Speak to a builder and other tradies upfront
Ensure you only work with a licensed builder especially for any structural works. Talk to them about your concerns including the price, quality of work and estimated completion times. The same applies for other tradies you might need including electricians, plumbers, painters, carpenters and interior designers among others.
- A good plan and budget
Make sure you plan and budget your renovation so you do not go over your spending capacity or the market price for your type of property. Check out what similar properties are valued at in your area and use this to determine an appropriate budget for your renovation.
Find Builders and Other Tradesmen for your Home Renovation
If you are looking for good tradesmen or builders to help with your home renovation, why not let our free Tradebusters tradesmen concierge assist you. Tell us about your renovation needs and a member of our team will be in touch with you shortly.
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