This post has been written in collaboration with Homesales.
Buying a home is always a big decision, making the secondary decision on buying a home to renovate is even more complicated. There are a few essential do’s and don’ts to ensure your purchase is the right one for you. Today I am sharing my 5 top tips to get you headed in the right direction.
5 Essential Tips For Buying The Right Home For Renovation
Location, location, location!
You can do many things to make your house a home, but location is not so easily changed. When choosing a property for potential renovation, first give thought to where you would like to live. Perhaps close to schools, public transport or friends in neighbouring suburbs? Make a list of your requirements before you begin your search.
Set A Budget
Having a budget set from the beginning of the process will help eliminate anything well over your budget before you get your heart set on a home. Know what you are able to spend before looking around. Keep in mind any potential renovation cost and always have a contingency plan. You never know what is behind a wall until that wall comes down, rather than running out of money prior to your renovation completion, have a little up your sleeve for emergencies. Being realistic about what is involved prior to making an offer, will prevent heartbreak!
Do Your Research
Before setting off to open home after open home, take the time to research the properties in your chosen area online. Searching online takes the leg work out of finding a home to purchase. Arm yourself with as much information as possible before contacting the agents and setting out to inspections. Using an online tool like Homesales gives you the chance to whittle down the list to the homes that fit your criteria without spending hours in the car.
Obtain a Building and Pest Inspection
We are not all builders, therefore we don’t see the signs we might need to be looking for to avoid potential extra costs. Before purchasing any property, obtain a building and pest inspection. This document will outline all the issues in your home before you’re sprung with nasty surprises. It would be terrible to purchase a house you think only needs a $30k kitchen reno, only to find the stumps have rotted and need to be replaced at an added cost of $15-20k. No thanks!
Get Your Builder Involved
Before making a final decision, contact your builder and get them involved. Ask for an estimated price for the work you wish to undertake to create your home. Then do the sums BEFORE you finalise your offer. This can be done in your conditions period, to ensure you know exactly what you can expect. The builder will be able to provide you with a loose estimate for what the costs could be to turn your dream into a reality.
Buying a home is a big financial decision likely to have implications for years to come. Take your time, research and most of all, try and have fun!
Are you a home owner? Ever renovated a home? Would you like to be on the Block?