What you should look for when buying a property to renovate?
We all know how important location is when it comes to buying property.
Whether you’re looking for an investment or a place to call home, we want the best possible city, suburb and street we can afford. But if you’re also keen to add value with a renovation, you’ll need to consider more than just location.
Structural integrity or ‘good bones’
This refers to whether the house is structurally sound, with quality construction and a workable floor plan.
Well-maintained character homes built with double-brick walls, modern homes with well-laid-out but dated interiors, and older apartments in solid, boutique buildings are all examples of homes with good bones.
Pro Tip: Invite an architect, builder or building inspector to look at a property with you to spot expensive repairs, don’t trust your own ability. Good layout and flow from room to room are important too
Value-add additions
Look for properties where they can add value without major building works. Examples could be splitting a large bathroom in two to create a second bathroom, removing a wall to create an open-plan kitchen with an island bench, and converting an attic space into an extra bedroom or living room.
Improving street appeal is also important. A home that looks cared for will get more people through the door for inspections. If you’re not under quite so much time and budget pressure, consider properties where you can build a studio over a garage or install a pool. If you’re flipping the property and hoping to attract buyers with deeper pockets, choose a property with space for substantial outdoor entertaining areas where you can add a covered deck or terrace with an outdoor kitchen.
Heritage overlays
They can be notoriously difficult with councils and specialist architects alike being needed for a successful renovation. You can use local government planning portals to check for overlays (and other restrictions like bushfire zones) simply by typing in a relevant address. It’s worth considering the renovation If it’s only the façade that needs to be retained, you can add significant value if you don’t need to interrupt the floor plan too much.
This advice applies to any significant structural work, from extending an existing building footprint to removing a portion of an existing building or constructing external structures like pergolas, decks and carports.
Size matters
If it’s an apartment renovation you plan to tackle, size plays a big part in dictating how much value you can add. It needs to have the scope to make significant improvement, doing due diligence on the building is key to seeing if they are supportive of renovations. Familiarise yourself with Class 2 building regulations introduced in 2021 which require registered trades and have significantly increased the paperwork for even minor renovation works.
Whether you’re interested in a home, property for development, an investment, or a vendor advisory, we can help you find the right property.
