Buying property? Then this blog is for you!!

This blog helps the property buying community to more easily share strategies, stories and helpful tips. It is an open blog. Anyone can join, contribute and invite others to join.

If you would like to talk property, please contact us:
Office: 1300 911 576
Martyn Fleming: 0400 000 822
Guy Clarke: 0409 055 128

08 August 2008

Nervous about a renovation projects? Don't be!

There are many good bargains out there if you're prepared to squint a little and visualise your dream home. Many poorly presented homes take a small amount of time and effort to clean up. At the same time, you have the chance to add your own personal touch.

We often come across good deals where the bathroom and kitchen need updating, as well as the ghastly colour scheme and the overgrown jungle in the backyard. Many buyers keep walking, but you could be walking past a bargain.

When buying your home, use your builder to inspect and evaluate the amount of work you need to get done. Estimate how much they're going to cost and add at least 20% (to cater for the 'oops' factor).

Then, make sure your decision to buy is not an emotive one and keep your decision based on the figures. If the house price + renovation costs < comparable property (in its end state), it may be worth thinking about.

House = $340,000
Renovations = $40,000
Total = $380,000

If a comparable property in excellent condition = $440,000, you should probably buy.

Now, if you don't know which end of the hammer to hold, we're not suggesting you start knocking down walls. Unless you're a DIY enthusiast, be prepared with good quality trade professionals who can get the work done properly and quickly.

However, this isn't for everyone. If you prefer not to be inconvenienced by the work and mess for a couple of months, you'll probably need to look at the 'Walk in, nothing to do' style of property.

If you're looking for a quality builder, give Morpheus a call - 1300 727 586.

Yours in property!

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