What to Know When Buying a Home to Renovate
By: Laitiah Huynh
February 27, 2024

A well-executed home renovation is a great method to build considerable wealth. Nevertheless, acquiring a property to renovate is different from purchasing a home to move into right away. Therefore, before beginning a refurbishment approach, there are a few considerations to keep in mind.

You need to create a budget as a buyer-renovator that accounts for both the cost of the property itself and the money needed for the renovations. If you don't do the math and only have an approximate repair budget in mind, you can find yourself in financial trouble once the renovation process is underway.

Finding the worst house on the finest street in a well-known area is usually a smart place to start when choosing a property to renovate. The majority of the time, it makes more sense to renovate an average home on a nice street rather than choosing a smart home on a less desirable street and investing heavily beyond what is considered typical for the area. If you intend to sell the property quickly for a profit when the renovations are finished, avoiding overcapitalisation is essential.

Consider whether the renovation will involve structural or cosmetic building work when picking a home to renovate. The majority of renovation experts will advise you that it's usually better to avoid homes that require pricey structural repairs because they won't produce many capital improvements to reduce the cost of the restoration. A better approach is to look for a house with solid fundamentals as well as kitchens and bathrooms that aren't extremely expensive to update. Purchasing a renovation property that doesn't have any major problems enables you to concentrate on making aesthetic updates that visually refresh a property.

Check to see if there are any renovation restrictions with the local council's planning department before getting a tradesmen involved.  Your ability to expand the property or build structures greater than a specific height may be restricted by local planning regulations. Also, if you plan to remove trees from the property as part of your makeover, find out if that is possible first.

Don't hesitate to reach out to the team at Lands Real Estate for any inquiries about home renovations. Furthermore, if you're in the market to buy or sell, our team is ready to assist you every step of the way.

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Written by
Laitiah Huynh
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