Everyone has heard the phrase ‘buy the worst house in the best street’. The concept is a great one, buying a run-down home in your ideal location and renovating it to create the perfect home for you, however, there are a couple things to consider before taking the plunge.
1. Time
You can plan as much as you’d like, but anyone who has completed renovations will tell you that it took longer than they had expected. Be sure to realistically asses the time it’ll take to renovate the house, and if you are able to commit to that.
2. Scope of Work
It’s always smart to consult a professional in order to determine whether the work will be simply cosmetic, or if you’ll be completing structural changes as well. It’s important to keep in mind that structural changes are more expensive, so you need to consider whether the change will be worth the expense.
3. Structural Issues
Structural issues can be an absolute blow to any budget, and can easily determine whether the property is worth fixing up, or simply just knocking down. A pest and building inspection will be your lifesaver and give you the information you need to determine whether there are any structural issues, if you wish to proceed with fixing them, or if you need to negotiate a better price.
4. Council Restrictions
You may have a vision for your dream property, however, your council might have other plans. Before you buy, be sure to check the contract of sale, and vendor’s statement to familiarise yourself with any council restrictions there may be. Speaking to your council town planner may be a smart idea, just to confirm that the works you wish to do will be approved.
5. Budget
This is one of the most important things to consider. Speaking to tradespeople, especially your builder, will help you establish a realistic expectation of what your budget may be. When you’re not in the industry, it can be easy to underestimate how much renovations can cost. Once you speaker to your builder, you need to ask yourself whether the cost is within your budget.
About Aurora Estate Agents
Aurora Estate Agents are a new breed of real estate professionals which are highly focused on their core values: integrity, accountability, transparency, client focussed and process driven. Aurora Estate Agents’ dynamic team is a collaboration of effective marketers, residential sales agents and residential leasing consultants.
South East Melbourne, which includes Berwick, Narre Warren, Beaconsfield, Clyde North, and Cranbourne is the country’s property boom hotspot. Aurora Estate Agents is perfectly positioned with a broad spectrum of property expertise to provide the best advice and skills for homeowners, investors and developers to ensure they continue to maximise growth and take advantage of existing market conditions.
Article by Andrew Nguyen
