What to Look for When Purchasing a House to Renovate
Renovating a home saves you the cost of buying and selling a home whilst adding the benefit of extra space and personalised comfort to your current home. This means no changing neighbourhoods, neighbours, schools and local friendship groups.
When undertaking a renovation, there is always the possibility of setbacks and stumbling blocks so to avoid such things it is imperative to plan and consider several factors.
What is your purpose for renovating?
Defining the purpose of renovating significantly alters depending on weather you are renovating to sell the property, rent or live in the property. This changes your budget, the type of renovations, the final results you are after and the actual house you choose to renovate. If you are looking to invest and rent the property out, you can ordinarily add a few low-priced refurbishments that will increase your rental return. If you are wanting to sell the home as soon as the renovations are complete, the target would be to add value to simply bring a profit. On the other hand, if you are renovating a home to stay in it long term then a lot more time and effort can be spent on the finer details.
Check the regulations.
All extensions require both planning and building approval. You may find that extending your home out or up is not solely your decision to make due to heritage restrictions or council planning. You may need to follow this up with your local council to see if any further restrictions apply.
How is the floor plan?
Does the property you are intending to renovate have a good floor plan? This is one of the homes most important selling points and therefore it is important to choose a home which its floor plan is practical and functional, allowing an efficient flow of traffic through the home, make the most of natural light and take advantage of the best outlooks.
Get a building and pest inspection report.
A Perth building and pest inspection will make you aware of any hidden renovations you might have missed and any structural repairs needed. It will also alert you to anything that shouldn’t be changed or moved (for instance, if certain walls cannot be moved), which may interfere with your plans. It’s best to know all these details prior to purchase to help you make an informed decision.