Buying a Brisbane Home Renovation?
Buying a Brisbane home renovation project can be an amazing way to maximise your investment and create the living space of your dreams. It will take patience, work, and diligence to be successful. Of course, home renovation is not without risk. Here are some ideas to help you decide whether or not buying a fixer-upper is right for you.
Advantages To Buying a Home that Needs Renovation
- Save Money– a house that needs a home renovation is going to sell for a discount compared to a house that is in pristine condition. If you can get the work done for less than the discount, Congratulations. You turned a profit.
- Always Good Market Timing– fixer-uppers can gain in value even at times when the local real estate market is stagnant.
- Location– Is your heart set on a certain neighbourhood? Maybe you want to get the kids into the best schools. If the costs of your dream location are out of your price range, buying a house to renovate may be the opportunity you are looking for.
- Instant Equity– You may be able to refinance at lower rates once the home renovation is complete.
- Style– Old houses are beautiful and often have craftsmanship not available in modern homes. Often, they just need a few modern touches like Air Conditioning and updated fixtures. Hey look, these worn-out old carpets have hardwood floors under them!
Disadvantages of Buying a Home That Needs Work
- Unexpected Costs– Be sure to have the house looked at by qualified inspectors. Small repairs such as floors, paint, windows, cabinets or fixtures are easier to do yourself. What you want to avoid are bigger repairs such as the roof, foundations, plumbing, or concrete replacement.
- Hiring Contractors– If you buy a house needing renovation, you will almost surely need to hire contractors. They must be carefully vetted before starting any work. Expand Renovate specialise in Brisbane home renovation and can save you time and money
- Not Move-in Ready– You may not be able to move in until the work is done. If you have no choice but to move in, you will be living in a construction zone for a while.
- Limits to Value of Renovations– You are unlikely to raise the value of your home much higher than those of the neighbours’ homes. So, only expect a return up to the averages in your area.
Whatever home you decide to buy, if you look past the surface to see its true value, you will have an asset that provides the greatest return of all. Happiness.