For people who are either trying to get into the market for the first time, flip a property or simply get a great house at a reasonable price, choosing a “fixer-upper” is the right choice. And, for those of you looking to purchase a property in Sydney’s Eastern Suburbs, investing in a renovator’s delight is a clever strategic move to get the perfect dream home without paying a fortune.
While a reasonable price is one of the most significant factors to consider when buying a fixer-upper, there are also other elements that come into play both before and after you’ve purchased the property. Here are some tips and tricks to keep up your sleeve if you intend on buying a true renovator’s delight in Eastern Sydney.
The first thing any home buyer considers is always the location, and “buying the worst house in the best street” is a mantra that has stayed true for property over the decades. As one of Sydney’s most sought-after areas, buying a property in the Eastern Suburbs will always be a good investment. However, buyers will also want to consider other local features such as proximity to shops, public transport, schools and natural attractions like the beach.
2. Work the numbers
Before putting in any offers, savvy property buyers will calculate how much money is needed for any renovations. In order to do so, attend inspections of newly-renovated properties in your chosen area to gauge the standard and quality of workmanship, finishings and fittings, and final sale prices. In addition to this, research the history of local properties to accurately calculate the before and after renovation prices, as well as the popularity and general price range of all properties in the area.
3. Conduct an inspection
In addition to conducting research on the area, you will also want to look at the property itself. Hiring a property or building inspector to conduct a complete building and pest inspection will ensure you are notified of any major structural issues, as well as what renovations will be possible. If looking at a unit or an apartment, we recommend obtaining the minutes of the body corporate and referencing any strata or body corporate reports from the past 12 months. These minutes will not only detail any issues that have arisen but also outline any work that was completed, and future work that may be planned.
4. Be realistic
It can be very easy to get carried away when imagining what your renovated property can look like. However, structural considerations and the layout of the property mean that some changes will simply not be possible. When renovating, focus on the areas that will make the biggest impact (usually the kitchen and bathroom), and be realistic about what changes are feasible based on your current budget and time constraints.