Some house hunters love the idea of buying a home that needs some work done. This may be because they can put their own sense of style into it or because they enjoy DIY projects. Whatever the reason, when you choose to buy a home that needs fixing you need to be sure it’s the right decision.
Our Prudential Real Estate team want all clients to achieve the home purchase they dream of and so if you are thinking of buying a ‘fixer-upper’ in Narellan we recommend that you consider the following points.
Are you capable?
If you plan on carrying out the work yourself you need to honestly consider whether you are capable. With all the DIY renovation shows, everyone wants to have a go, but starting a project you can’t complete can be very stressful, especially such an expensive one.
You can make yourself a list of what you feel you can do and what you will need assistance with from a qualified tradesperson or others. Some jobs in particular need to be carried out by a professional by law, such as electricity.
What is the end goal?
Do you plan on living in the Narellan property once it is complete or selling for profit? More importantly, do you plan on living there while the work is being done? This is a question to ask as living in a building zone means early starts, noise, disorganisation and mess.
Is this something you want to deal with? Do you have young children that will make living like this harder? When trades people step into your home your privacy goes out the window; are you ready for that?
Is your budget in order?
Many might think buying a bargain home to fix up can save them money, but this is not necessarily the case. The cost of tradesmen, building permits and materials, amongst others, can end up with quite a decent price tag.
Take a look at the costs of permits and work required, et cetera, before you make the purchase. Where possible get a quote for the trade work required beforehand and work out a detailed budget.
Taking on the job to renovate a home can be quite time consuming. Are you prepared to have this cut into your normal life and how will it affect this? Some like to try and cut the cost of paying a professional to do some jobs and attempt it themselves but in the long run it can be worth it to pay someone to do it for you.
This way the job is completed faster usually and with no mistakes.
Prudential Real Estate urges that you do your research on renovating a home just as thoroughly as you would with any home purchase.