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5 considerations when buying property to renovate

April 18, 2016 Leave a Comment

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Whether you’re a homeowner looking for a renovator’s delight to make your own or an investor looking to turn a profit, there are always ways to spot a good deal from a bad deal.

Image: Lifestyle.com.au
Image: Lifestyle.com.au

Buying a property to renovate? You first need to educate yourself on what creates value in a property. Here are five ways to avoid paying too much.

Educate yourself

Whether you’re buying a flat in the inner city or a shack in the bush, you need to know the market it’s in so you can put each property sale in context. Spend some time researching the market before making an offer.

  • Spend time in the market. Go to open inspections to get a feel for the price range of different types of property and follow up on the eventual sales price. Compare those sales to other sales in the area to contextualise.
  • Practise at auctions. Go to a few and sign up but don’t bid. Get a feel for how it works. When you’re ready to buy, you’ll be a lot calmer and will make better decisions.
  • Visit outside of inspection times. Inspections tend to show properties at their best. If you’re keen on a place, visit the neighbourhood at different times of day to confirm whether it’s a good buy.

Look for bargains

Keep an eye out for good times to buy. Here are a few indicators that give buyers a hint of a bargain:

  • Stock levels are high. Property is a supply and demand market so if there are a lot of properties on the market, it’s a good time to be a buyer.
  • The property has been on the market a while. If the property hasn’t sold after five weeks, it gives you a good bargaining position as the seller is more likely to drop the price in negotiations.
  • The property has been passed in at auction. If the property went to auction but was passed in, it indicates the sellers had unmet high expectations, which is a good time to step in with an offer.
  • The agent comes from a different area. If you’re looking at a property but the real estate agents come from elsewhere, s/he may not know the market as well as you do. See if there’s a bargain on the cards.

Make your money when you buy

If you have your reno goggles on, take them off for a moment. A lot of investor-renovators think they will make their money through home improvements, but for the most part renovations don’t make the biggest difference to profit considering the time and money it takes to complete them.

A renovation can mean the difference between selling a place and not selling a place and it can make a place attractive to more buyers, which increases your chances of a good sale, but you make most of your money when you buy well, so don’t bank on the renovation bringing in the big bucks.

Befriend agents

Introduce yourself to real estate agents in the area and let them know you are serious about buying. Once you’ve established a good relationship they’re likely to give you a heads up when there’s something suitable on the market and bring you into negotiations with the seller. They may even provide indirect support in negotiations with rival agents if you decide to purchase a property outside their stock.

Hire a third party to negotiate

Many renovators get carried away with the potential of a property and don’t always see it as it is. If you lead with your heart or your vision, you can end up paying more for a property than you should. If this sounds like you, consider hiring a third party, such as a buyer’s agent, to be your ‘head’ when you negotiate.

When you’re buying a property to renovate, it pays to do your homework. Don’t overestimate what a renovation can do for a property because the best value judgement comes from buying well in the first place.

—Mark Foy isย one of our resident experts and a director of Belle Property Surry Hills in Sydney.

Read all Markโ€™s articles. Got a question for Mark?

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Washable rugs, eco-friendly play mats, reversible Washable rugs, eco-friendly play mats, reversible linen, gorgeous wallpaper and the chance to win a beautiful bouclรฉ recliner chair!

Today's kids room roundup is full of loveliness if we don't say ourselves!

Via link in bio now.

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A glass shower screen is not the only option! In A glass shower screen is not the only option!

In this 80s villa reno, @trentinidesign took inspiration from an archway typical of the era and used it throughout the home.

The bathroom was transformed from a classic three-piece set up that included a shower, bath and vanity. Kathryn removed the bath and split the room in half and designed an arch to sit between the two zones. 

โ€œI wanted something spectacular. Rather than having a vanity with a piece of glass like you would typically see, I was really trying to push myself as a designer. It was costly but it worked out well and the feedback has been great."

Swipe for the before and follow the link in bio to see the rest of this home.

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One half of popular parenting podcast @wedonthavet One half of popular parenting podcast @wedonthavetimeforthis, turns out former Neighbours actor @gemma_peanut is even more multi-talented than we thought! Will you check out the joyful and colourful reno of her holiday home (and airbnb) @yo_caba_caba?!

Head over to the blog via link in bio to read all about why she went bold and full of pattern in this project, which is a stark contrast to her zen and neutral Northern Beaches abode.

There's also plenty of details about where things are from etc.

"Iโ€™m not an interior designer so I just chose what I liked and followed my gut. Ultimately this home has been an opportunity to explore my alter ego โ€“ it allowed me to do things that I wouldnโ€™t normally do.โ€

๐Ÿ“ท @tanikablair_photography 

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Not many friends in life fall into the unofficial Not many friends in life fall into the unofficial family category and they're a special gift. So ends three weeks with @danisteve81 who left her husband and son in the UK (I'm forever grateful they lent her to me!) to come and cheer me up and help me in the most practical ways after I spent Christmas and New Year in hospital. There were tears and I miss her so much already but how amazing to have had all that time together as adults. Such a rare treat and would never have happened without having been through something so challenging. Silver linings and all that. So many other friends have also been incredibly thoughtful and kind. There aren't many times I'd say this without cringing but I am 100% blessed!

I still cannot believe we have been friends since we were 12! 12! Are you still close with your childhood besties?
The renovation of this 80s beach shack @camillo_ho The renovation of this 80s beach shack @camillo_house is a work of art and while almost every surface was updated, the decision to keep the original slate floor was genius if you ask us. 

Owner @clarehillier__ says: "With its purple, pink, red and brown tones, the slate was the starting point for our interior palette."

Come and check out the before and afters via link in bio now and read the reno story. It's a real beauty.

And you can book it for your next holiday too!

Blair Smith Architecture @kateshanasy

#slatefloor #slatefloors #80shouse #80sbeauty #camillohouse #interiorsblog #interiorsblogger #interiorsaddict #theinteriorsaddict #jenbishop #realreno #holidayhousesofinstagram #morningtonpeninsulahomes #morningtonpeninsula #morningtonpeninsulasmallbusiness #blairgowrie #blairgowriebeach #airbnbstyle
Me and my boys ๐Ÿ’— Me and my boys ๐Ÿ’—
Just a couple of dorks who've been friends for thr Just a couple of dorks who've been friends for three decades going out for a child-free dinner ๐Ÿ’“๐Ÿ˜
Excuse me while I die of a cute attack ๐Ÿฅฐ @damia Excuse me while I die of a cute attack ๐Ÿฅฐ @damianfrancis 

This doesn't happen often these days!
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About Jen Bishop

Jen Bishop is our owner and publisher and an experienced journalist and editor. Interiors Addict has been her full-time job for more than 8 years. She is married to Damian and mum to Sebastian and Charlie.

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