Buying a home with the distinct goal of renovating it can be a risky business.
Many renovators either become fatigued by their project, or simply run out of money or time.
However, if you're planning to sell, a half-finished home won't appeal to buyers looking for a fixer-upper or a designer home! Therefore, it's vital you see the job through to completion.
Selling Houses Australia's property expert, Andrew Winter, has some tips to make sure you don't overreach.
Count the Cost
While most renovators would have put some thought into the price, ensure your calculations are as specific as possible. You may also want to account for unforeseen problems, which are almost a certainty, especially with older homes.
If your budget is limited, "spend your money wisely, and put it where it shows," Andrew advises. This means putting it into main rooms like kitchens and bathrooms, or in the facade.
Consider the Time Frame
Will you be living in your home while the renovations are taking place? Will you be renting elsewhere? If you're renting, don't forget to factor this cost into your budget!
Do it Yourself
Andrew points out the biggest cost of a renovation is often the labour. Therefore, save some cash by doing your own painting and prep work.