Cut down on the risk of renovating
Things to consider before you take the stressful and time-consuming plunge
THERE are so many factors that come into play when deciding which property is right for you as a renovation project. Things like location, market research, price, positive and negative gearing, understanding your finances, the capital injection required to fund the renovation and so on.
This is a topic that seasoned renovators could write a thesis on, but today I’m going to focus on the key design and structural elements that I feel are essential when purchasing a property to renovate. You want to start with a home that will provide a great canvas for your vision and style, without the dreaded budget blowouts and delays.
We’re currently winding down our Tanawha home renovation and about to embark on a quick flip renovation on a new investment property in Tewantin at the Sunshine Coast.
First things first and first impressions last. Does the property have street appeal and a standout front exterior?
If not, is it a straightforward and cost-effective fix? Personally, I can’t understand focusing your time, energy and budget solely on a beautiful interior when potential buyers are already unimpressed before they step inside.
Think holistically about your future renovation, and make sure the exterior of your renovation has the potential to deliver a great first impression.
Stepping inside the property and I’m now looking at the layout and structural integrity. Does the property have a layout that you can work with or modify if need be?
You may need to engage a builder to go over what structures in the home are load bearing, and what can and can’t be removed. Look for cracks, water damage, rust, discolouration and pest damage, and open everything.
You’ll want to feel comfortable that this property can handle what it’s about to go through and that there won’t be (too many) surprises throughout the renovation process.
Now for my favourite part. Ask yourself, what will make this property unique in six months’ time when you put it on the market with 20 others in your area? What’s the property’s point of difference, the elements that will make it stand out from the pack?
I like to look for a few key features that make a home unique and work them into my vision when transforming a space. On inspection, our Tanawha home had many good features – Tasmanian oak floors, solid cedar door and window frames, high ceilings, and a backyard to die for.
Our Tewantin investment has a separate formal living room and a unique layout that sets itself apart from other properties built in the era. It will easily be transformed to suit modern Queensland living with a large living space. And it’s got a pool.
My biggest piece of advice when looking for a potential renovation project is to ensure you have a clear vision of what you would like the property to deliver, and that the home meets this criteria.
Renovating a home is a stressful and time-consuming process, but can be made easier by starting with a home that is structurally sound and can provide a great canvas for your design vision.