So, you’ve worked hard, hidden away every spare dollar and are now, finally in position to launch into the property market. Congratulations!
But don’t be fooled into thinking all the hard work is over. You may have the funds secured, but there are so many things to consider when entering the property market. A major one of these is whether to buy renovated or to renovate yourself.
The choice between renovating and buying renovated is one of the first decisions any prospective home buyer makes. Plus, it's a decision that drastically influences all of the decisions made afterwards. Unsure which option is best for you? Here are some things to consider:
Location
Personally, it really is all about location, location, location. The convenience of being in the central part of the town or city is a huge draw. With easy access to public transport, schools, restaurants, nightlife and work opportunities, the location factor plays a huge role when deciding on a home. A lot of people would give up modern home for a good location. Buying a fixer upper in your dream location may the way to go.
Price
If price is your main concern – which let’s be honest, it’s the main concern for pretty much all home buyers – you need to weigh up a lot of things.
When buying an home, you will rarely find your dream home without wanting to make any changes. If you are thinking about renovating, there are lots of little costs to consider – design, land, landscaping, site preparation and finishing costs. These can add up quickly, so having a clear overview of what the actual price will end up being is super beneficial. This is where you need to ensure your choose the right builder. A builder who provides a fixed priced detailed costing, to ensure you stay within budget. A builder who is up-front and honest, letting you know early on if your ideas are within budget.
There isn’t necessarily a more wallet-friendly option overall between buying renovated and renovating yourself. However, depending on the area you’re looking to purchase in, there may be a significantly cheaper option. In other words, do your research before buying.
Time
Time is a major factor when it comes to deciding whether or not to buy renovated or to renovate yourself. If you are time poor then perhaps renovating may not be for you. Buying fully renovated can lend itself to a stress free move. We all know building can be stressful, particularly if you go owner builder or bite off more than you can chew. This again is where you need to ensure you have the right builder on board who can take the stress out of renovating for you. With the right preparation and builder, a renovation can also be stress-free and the build may take less time than originally anticipated.
Style
For many people, the ability to customize and add you’re own style to a home is a big draw into renovating. Part of the charm of buying an established house can be the style – think intricate moldings or vintage-style fireplaces in period style homes and terraces. The opportunity to modernise these homes while maintaining their heritage can be very enticing. Buying renovated can be risky, you are buying another person's style, which may not be yours.
If you do decide to renovate, contact HMA on 0411 116 969, Sydney’s Terrace and period style house building specialist!