Here at Ian Reid we get asked a lot of great questions about the property market by both sellers and buyers. We take a great deal of pride in helping the people of Victoria to make the most of their property dealings. However, there is one question that we’ve found that far too many homebuyers don’t ask until it is too late, and it’s an omission that can cause no end of problems for them later on.
Perhaps it is driven by the number of reality TV programs that focus on renovations, but when people are looking to buy a ‘fixer-upper’, the first question they often ask themselves is “Where should we start?” The first question they should be asking is, “Is it worth starting at all?”
We’ve lost count of the number of times we’ve seen people buying what they thought was a fixer-upper when some timely pre-planning and some experienced expert advice would have told them that the home was not suited to renovation at all. Indeed, in some cases they would have been far better off knocking the house down and starting all over again. The key words here are “experienced, expert advice”. By talking to someone objective who knows the property market in that area, and a suitably qualified building inspector, you can establish…
- Is the building structurally sound?
- What are the problems that are not immediately obvious?
- Will the structure suit the type of changes you wish to make?
- Will the end result be an over-capitalization for this area?
- Will the cost of the renovations be more than the increase in value?
When you add in the fact that most renovations end up costing far more than what was originally budgeted, it’s clear that unless you know the answers to these questions, you could be making a very expensive mistake indeed.
So if you need help finding the right property, whether you’re after a fixer-upper or something that requires a bit less work, it’s worth talking to one of our experienced Buyer Advocates who can steer you through the process and help you achieve a tremendous saving in both time and money.
Remember, if you are considering becoming a property renovator, you can call the Customer Service team on 9430 0000 or visit THE IAN REID BUYER ADVOCATES WEBSITE. And if you’re looking for tips on selling a property in Victoria, you’ll find our free booklet, “FATAL REAL ESTATE TRAPS EXPOSED”, a source of lots of helpful tips. Feel free to download a copy while you’re here.