5 Kick Ass Tips In Buying A Property To Renovate
When it comes to DIY projects such as property renovation, Aussies are best known for that. This is according to a report by Westpac Renovation that claims home renovation projects have risen to 147% since 2010.
Though individual effort might be attributed to this rise, renovation TV shows have been enlightened many Sydney residents intending to purchase then refurbish a new house either for themselves or for sale.
However, before venturing into real estate and property market in a bid to purchase a property to renovate, the following should be considered.
1. How much can you afford
Affording to buy a property is one thing, renovating it is another. The latter is so costly if not well planned for. For a smooth renovation, a budget has to drafted with the help of a builder or two. Hold a detailed talk with builders and get to understand what it takes to renovate a property into a house of your dreams. Show them your plan and have quotes in return so that you make the purchase with a clue of every future expenditure.
2. Purchase the right property
Before contacting your realtor, solicitor, or real estate agent, you should outline your goal clearly. Make a list of facilities, structural layout and condition of the property to purchase. This will help you settle for a certain property easily than doing a random search. Moreover, this helps you thin your expectations if intending to renovate it into a family home. If planning to sell it after renovation, this list will help you purchase the right property.
3. Have a comprehensive pre purchase building inspection done
Whether purchasing property in Sydney, NSW, Adelaide, or Melbourne, an inspection should be done. Have a reliable inspector at your call who is well experienced and equipped for the task. A detailed report should be handed to you once the inspection is done. Though this process is at times shunned by buyers, a pre purchase building inspection saves you from any unexpected cost not budgeted for.
4. Plan for renovations that best suits your property
Not once or twice do buyers intend to completely renovate a property from the ground ending up doing more work than needed. To know if the property is worth a complete or partial renovation, compare its value against the cost of refurbishing it. For a low cost purchase, much is expected to be done but some properties are well maintained and have elegant design that only need a slight upgrade or renovation.
5. Source the right advice and recommendations
Doing your planning in the company of experts is highly encouraged. These experts include architects, builders, engineers, and building inspectors mainly involved with before renovation and the renovation project itself. Nevertheless, ask for recommendations from previous buyers who have done a renovation or two. Gather information that might be of help before closing a purchase deal. These two things will let you have a stress-free property search.
With the above five guidelines, you are assured of an easy property search, smooth renovation process, satisfaction if the property was meant to be your home and quick sale if meant for profit. The right advice and ideas are the sole determinants of the renovation outcome so stick to professional tidbits.