Want to enter the property market? Homes in need of renovations or upgrades are not only more affordable, but they also let you create a living space that fits in with your vision of domestic bliss. If you’re contemplating purchasing a house in need of serious upgrades or as an investment property that you plan to fix and sell, there are a few things you need to consider. It’s important to know about the price and duration of common renovation jobs and what will add the most value.
The worst case scenario when purchasing a ‘fixer-upper’ is finding that the renovations it needs fall outside your budget and timeline. To avoid this, make sure that the proposed property doesn’t require any of the below:
- A home requiring rewiring often means that the entire system needs to be replaced, even if just one component is faulty.
- Re-stumping requires making changes to the stumps on which the house sits, and can take up a lot of your budget and time.
- Extensive roofing work is a costly process to complete.
Similarly, if you want to replace, move or add things like windows, a driveway, or exterior fencing – it can end up costing a lot. Keep in mind that you will also have to ensure that the additions match the existing home’s décor style, as well as potentially the look and feel of other homes in the neighbourhood.
On the other hand, there are certain renovations and updates you can make to a property that can drastically transform it into your dream house. Any changes to the appearance of a property tend to add more value than hidden ones, such as knocking down or reforming interior walls to create additional rooms, make an existing room bigger or creating an open plan living area. Bear in mind that you might need to get council approval for these types of renovations.
You could also expand the house outwards or add an additional storey. Replacing the flooring can also add value, as will any changes to the property’s outdoor entertaining area and façade.
All you need to do is partner with an experienced renovation specialist in your area. Most specialists will be able to assist you throughout your entire renovation process.
Here at Duncan Thompson Extensions Extensions, we provide you with help from the beginning to the end of your renovation, including drawing up plans, getting council approval and adding finishing touches. You can get in touch with us anytime.