Renovating a property is one of the easiest and affordable ways to create your dream home. If you buy the wrong property, it can turn into a money pit. There are certain considerations to take into account when you are shopping around for a new home with the view to renovate.
To ensure you’ll be able to stick to your renovation budget and find the right property, consider these top five insider tips:
- Location is a priority
You may discover that a prospective property has terrible curb appeal, but as long as it is on a pleasant street in a decent neighbourhood and has the right size plot and potential for improvement, that’s what matters most. Remember the old saying “buy the worst house on the best street”? There is truth in that!
- Ignore first impressions
Buying property with the end goal of renovating means you’ll have to throw out the adage that first impressions matter. For example, look beyond the stained threadbare carpets, and you may find hidden treasures such as a hardwood floorboard.
- Identify good structural integrity
Property renovations should ideally centre around making cosmetic improvements and adding an extension to the existing structure without major structural modifications. Fixing structural problems such as uneven floors and cracked walls will require a larger budget. A good tip here is to request a building and pest report to determine the extent of the damage and how much it will cost to fix.
- Ask if any contractual issues will affect renovations
Older properties are more likely to have contractual and planning limitations, which may affect your renovation or extension plans. Check for height requirement restrictions, floor space ratios and drainage plans when going over the contract.
- Establish a budget with the help of a home extension design consultant
Consult a professional home extension builder when planning to renovate a property because this is the best way to establish a realistic budget estimate. An experienced consultant will use cost-effective renovation methods and solutions to create a beautiful home you will love.