Are you looking for a house to renovate? Let’s face it, the property market is kinda crazy nowadays. Prices have increased by 20% since early last year. A quick example: let’s assume, you had a budget of $1m in 2021 but haven’t found the property you want just yet. Today you’d be looking at spending an additional $200,000 for the EXACT SAME property – no additions, no alterations or improvements of any kind! So, what do you do? Extend your loan to a point that could make things extremely tight financially? What happens when interest rates go up? What quality of life will you have if you push beyond your original boundaries?
Things are predicted to get tougher… according to the AMP’s chief economist, Shane Oliver, the numbers will continue to rise throughout 2022 and likely into 2023. So, with that in mind, how do you make your original $1m work for you without dangerously stretching your budget? While some people hate the idea of renovating, not all renovations need to be drastic, displacing your family while your house gets a complete do-over. Think about buying a property with good bones and build on that. Just because you’re not moving straight into your dream home, doesn’t mean you can’t turn it into your ultimate sanctuary over time. Keep reading for 5 things to consider when looking for a house to renovate…
1. The Layout
So, you’ve found a house that’s a little older. Perhaps a 1960’s red brick home that needs some TLC. Consider the homes’ layout. Does it flow? Are the rooms a decent size? When renovating, it’s always easier to add than take away. Removing walls can come with hidden costs – especially if we’re dealing with a major structural element. You can save a lot of money by buying a 2 bedroom house and converting it to a 3 bedder just by adding an internal wall and shifting the layout slightly.
2. Go OUT Instead Of Up
It’s nearly always cheaper to extend the dwelling horizontally than it is vertically. Building a second level can be a great addition to a house but if your property has the yard space, it could increase its capacity by extending out instead of up. This kind of extension can not only be done cheaper but it can often be completed in a shorter time frame.
3. Dry and Safe
When considering an older property, be sure to pay to have it properly inspected. Check above and below the home to assess any possible water or moisture through the roof or under-house areas. Damp issues aren’t always obvious in appearance in the living space of the house but if they go undetected can become very costly to fix, not to mention hazardous to your health.
4. Curb Appeal
While you’ll spend the majority of your time inside your home, coming home to a nice looking exterior makes us feel proud. If this is you, and you’re looking at an old brick house then consider cement rendering the bricks or painting them with special exterior brick paint. This will literally transform the look of your place almost overnight.
Survey the exterior of the property very carefully. Are there a huge amount of overgrown trees and bushes making the yard ugly and crowded? It’s extremely inexpensive to pull out overgrown plants to clean up a yard and the result of a newly manicured garden can be such a transformative yet cost-effective project that this point is easily our most favourite of these 5 things to consider when looking for a house to renovate.
6. BONUS POINT
Last but not least, instead of doing it all yourself, think about chatting with a builder. Talk with Adesso about your budget and what you want to achieve. Work out what you can do on the weekend yourself and what would be better to hand off to a 3rd party. We’ll help guide you through every renovation process and make sure nothing is left to chance.