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Purchasing a property to renovate can be exciting, exhilarating, and extremely beneficial financially. That is why despite the skyrocketing prices of goods and services – and housing in general – renovation remains as a popular trend among Australians. According to Westpac Housing Pulse’s November 2022 report, the value of renovation approvals increased 1.4% in October and remains above their pre-Covid lows.

Nevertheless, it pays to be cautious when deciding to pull off a fixer-upper to avoid spending thousands of dollars in vain. To ensure your home renovation in Adelaide is successful, you must get it right from the outset – that is, when you purchase a property.

Investing in the wrong house will only send you over the edge and way over budget. If you’re not well-prepared to fix up a dilapidated home, it will drain you of your money and time. So, it’s imperative that you consider the following factors to determine if the property is suitable for you to renovate without breaking the bank and your mental health.

Here’s what you need to investigate before buying a house to renovate.

Location shouldn’t be an afterthought

It’s important to place the location of a property at the top of your search criteria when purchasing a property to renovate. Many buyers look for a good neighbourhood to live in, especially ones with a family. They also gravitate towards properties that are close to the city or amenities. When you consider those factors, you are on the right track!

Consider that it may be better to buy the worst house on the best street rather than the best house on a bad street – especially since you’re buying to renovate. However, remember to choose a property that you can work with well within your means. Once you are done with retiling, polishing the flooring, remodelling the rooms, or repainting the property, the right location will help boost your sale.

Inspect the bare bones

Although certain features of the home may give the appearance of quality – such as stainless-steel appliances and granite countertops – the fundamentals such as electrical wires, walls of a home, roofing, and heating, ventilation, and air-conditioning (HVAC) system may be neglected.

You cannot create a masterpiece on shaky foundations; so, don’t be fooled by the aesthetics, and inspect the bones of a house. Things such as off-putting tiles and carpets can be restored to their former glory for cheap with expert home renovation services. However, faulty wiring, inadequate plumbing, and cracking walls will cost you a fortune to repair and will take up a lot of your time and energy.

It’s best to weed out these properties from the get-go and choose ones with a good foundation and structural integrity. Look for a floor plan you can work with that mainly requires cosmetic work and make clever changes to it. In addition, consider requesting a building report before purchasing to ease your inspection process.

Do all the necessary legal checks

Since buying a property is one of the most significant investments you would make in your lifetime, it’s crucial to cover your bases legally to avoid any problems with the law in the future.

Some older properties have severe limitations on what you can do to the place and how you can do it. So, before purchasing a home to renovate, make sure to call the local council and enquire about the planning permission. You can also check the drainage plan to avoid building over a sewer line.

Get your hands on the contracts and check for any easements that might limit your opportunity to extend the building. You must research as much as possible to ascertain that the property does not have any restrictions before purchasing it to renovate.

Consider your ROI

Before you purchase a property to renovate, consider how you will add value to the property. Think of its existing plus points and where you can make some improvements.

Some renovations – such as a finished basement – aren’t always going to increase your resale value as much as you paid for them. Others, like adding a bathroom on the main level or an island in the kitchen, will.

We hope these tips can help minimise the risks of purchasing a home to renovate. We understand that it’s not a walk in the park. However, it’s well worth the effort – especially when you get the property revalued and see the difference you’ve made to the value of your home.

At Style Group Renovations, we pride ourselves on taking care of every part of your house renovation for you. From design conception to implementation – we’ve got you covered! Whether it’s bathroom remodelling or kitchen renovations in Adelaide, our expert team is trained to handle the project flawlessly. Get in touch with us today to see how we can help you transform your home!