To renovate or not to renovate?
These days more and more people are considering renovating.
Without doubt it has great rewards, both personal and financial. Yet on the other hand renovations can lead to overspending and little to no profit come sale day.
There are a magnitude of reasons why this can happen: market shift, blowing your budget, or not allowing for a monetary buffer for when things go wrong in unexpected areas. To combat this, it is vital to scope out your potential project before you commit.
Obviously, unless you are a builder or highly qualified in the area, a building inspection is a good place to start. This will help you reveal or circumvent any surprises that are pre-existing within the building. However, this does not always identify areas that will cost a lot of money during the renovation process, so below are my top three tips for scoping out a new reno property.
1. Service Check
I always like to check the metre box, as this can give a lot away about the services in the property. It will show you if the building has had any work completed in the last 10-years, which is a good sign. Also, unless you have budgeted for a full rewire you really don’t want to happen upon 100-year-old wiring, which any electrician will be demanding you replace.
A good check under the house will show the state of the piers and footings, such as if they are original, in good condition or in decay. You will also be able to tell if ant caps have been installed, which are a great way to detect if there are termites. Be prepared to get a little dirty as some under floor spaces can get a little tight to say the least!
Looking at the roofline is always a good way to check what additions have been made to the property over time. This can help you work out what walls may be load bearing and where there may be floor and ceiling height differences when walls are removed.
source: Real Estate Australia