Selling Houses Australia

Should I Buy a Home that's Ripe for Renovation?

It’s tough cracking the renovator's market, but the rewards can be profitable if you get it right! Andrew Winter shares his expert property advice.

For the inexperienced house buyer the difference between a property that’s ripe for renovation and a total write off can look like no difference at all!

But making the wrong choice can hit your hard – right where it hurts – in your bank balance.

When it comes to property problems ask yourself this:  “What can i fix relatively cheaply and what’s beyond my control?”

1. Location is one issue you just can’t change – there’s no getting away from it.
If your house is miles from amenities like shops and schools, or there’s a train line in your back yard, then you could be in trouble.

2. Structural defects can be a serious issue too. A few dollars spent on a building and pest inspection could save you down the line.

And if you’re buying a unit take a good look at the strata report – it should highlight any future capital work or maintenance.

3. The orientation, or which way a property faces, is important to some buyers. If yours faces east when it should face west, this will limit interest.

But it’s not all bad news…

4. Dated interiors and exteriors can make a house look unappealing, but a fresh coat of paint and new floor coverings can transform a property. 

5. And if wall tiles are the culprits – get them sprayed. It’s far more cost effective than re-tiling.

6. Poor presentation is a massive buyer turn off. But if you can look past the clutter and rubbish – there’s could be a gem underneath…

And really it’s just a tidy up – all be it a big one.

 
 

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Obtaining a building inspection report would be the most important expense of the build. There are some things which seem fine on the service but may end up costing you $$$$$$ in repairs