So, you want to buy a Renovator here on the beautiful Sunshine Coast. Whether you’re an Investor, it’s your forever home you’re looking to buy at a good price and renovate, or you’re a savvy property flipper wanting to buy, renovate and sell for profit, there are several considerations you should bear in mind when purchasing an older property to renovate. Let’s discuss:
The first and most basic consideration when buying a renovator is your purchase price. If you pay too much on purchasing your property, once you factor in your renovation scope of works, and possibly an extension as well, your overall repayments can be above your expected budget. If the property is in the location of your dreams, and you have the means to do so, then you might be able to afford to pay a bit more to secure your dream home. However if you are working to a budget, or you are wanting to renovate for profit, or you’re an Investor who needs the rental return to cover the repayments, then it is imperative that your purchase price is a low as you can possibly negotiate. Do your homework and research previous property sales in the area to ensure you pay as close to the bottom line as you can.
The layout of the property is a massive consideration. A build or renovation can only be as good as it’s design, and layout is a significant bearing on how your project will turn out. Although existing layouts of older homes may be rejigged or manipulated to create new, open-plan living solutions, bear in mind that moving walls, plumbing and electrical wiring will add significant cost to your renovation. On viewing the property in the initial stages, it’s helpful to bring along a handy friend (a Builder, if you have one!) who can help identify whether certain walls are structural or load-bearing and can be moved easily.
Kitchen and Bathroom Layouts
Moving the kitchen and bathroom will add immense cost to your project, so carefully consider the layout of these rooms. Tiling, plumbing and electrical, as well as fixed appliances are best kept in their existing locations if you’re working to a budget. If you’re unhappy with the location of these rooms, speak to a building designer or builder and discuss your options and the feasibility of the project. For more on optimum bathroom layout, read our handy blog here.
The exterior of the house should be examined, particularly if you are planning on an extension as well as your renovation. Is there room to extend in the desired direction? Is the block particularly sloping? Will the Council allow you to build right to the boundary? It’s worth enquiring with Council what your limitations are if an extension is included in your vision for the property, or you may be sorely disappointed.
Sometimes, there are certain fixed items that may limit your renovation dream without adding cost and complication. Chimneys and fireplaces, stairwells, duck ponds, indoor swimming pools, and fountains, for instance, are features that can be part of the original design of the house, yet not part of your vision for the future! Before purchasing the property you will want to factor in the removal of these items or whether they can stay. If not, reconsider whether you want the property that badly.
A property’s orientation can sometimes be downplayed by Real Estate Agents who wish to make a sale. However, it really is a big factor in many ways as to how liveable the home really is. A property facing due West here in sunny Queensland can experience interminably long and unbearably hot afternoons. The ideal orientation here on the Sunshine Coast is that of north facing, receiving all the morning sun yet shielded from the afternoon sun. Although, if you’re buying a property to renovate, you can tweak the layout to enhance it’s natural orientation during the renovation, but it’s still something to consider, as tweaks to layout generally incur cost.