We all know how important location is when it comes to buying property.
Choosing the Right Property for Renovation: What to Look For
Whether you’re buying your next home or an investment property, finding a property that not only fits your budget but also has renovation potential can be a smart move. But to ensure a successful renovation, you’ll need to look beyond just the location. Here’s a guide to key factors to consider when choosing a property that’s ripe for value-adding improvements.
1. Structural Integrity or “Good Bones”
One of the most important aspects to look for is a property’s structural integrity, often referred to as “good bones.” This means the property is well-built, with a sound structure and a practical floor plan that you can work with.
Great examples include:
- Well-maintained character homes with double-brick walls.
- Older apartments in solid, boutique buildings.
- Modern homes that are dated but well laid out.
Pro Tip: Bring along an architect, builder, or building inspector to assess the property and spot potential issues or costly repairs. It’s easy to overlook problems yourself, so expert advice can be invaluable.
2. Value-Add Opportunities
Look for properties where you can add value without extensive construction work. The idea is to make smart, impactful changes that will appeal to future buyers or enhance your enjoyment of the space.
Here are a few ideas:
- Split a large bathroom to create a second bathroom.
- Knock down a wall to create an open-plan kitchen with an island.
- Convert attic space into an extra bedroom or living area.
- Enhance street appeal with landscaping or a fresh exterior.
If you have the time and budget, consider bigger projects like adding a studio above a garage or installing a pool. If you’re renovating to flip the property, features like an outdoor kitchen, covered deck, or spacious entertainment area can attract buyers looking for upscale amenities.
3. Heritage Overlays
Heritage overlays can impact your renovation plans significantly, especially if the property has restrictions that require council or specialist architect approval.
To check for heritage overlays or other restrictions like bushfire zones, visit local government planning portals and enter the property’s address.
Renovations are more manageable if only the façade is heritage-protected, as you can often enhance the rest of the property without altering the layout too drastically. But if you’re planning any structural work—such as extending the building, adding external structures, or removing sections—know that these overlays may come with strict requirements.
4. Size and Scope for Apartments
If you’re considering an apartment, size matters a lot in terms of renovation potential. There needs to be enough space to make meaningful changes that add value. Additionally, doing due diligence on the building is essential to ensure the strata committee supports renovation projects.
Be aware of recent regulations, such as the Class 2 building regulations introduced in 2021, which require registered tradespeople and come with additional paperwork—even for minor renovations. These rules can influence your renovation plans, so factor them in early.
5. Final Thoughts
Choosing a property with renovation potential requires careful consideration of its structure, layout, and any external limitations. But with the right property, you can add significant value, whether it’s your future home, an investment, or a development project.
If you’re looking for professional support to find a property with strong renovation potential, we’re here to help. Our expertise can guide you toward properties that align with your goals, making your renovation journey smoother and more rewarding.
