Whether finances are tight or you have cash to splash, be sure to ask yourself – can I make the changes I want within my budget?
When it comes to property, it’s easy to see potential in just about
anything. But whether it’s a dilapidated cottage or a retro disaster
zone that needs much more than a simple lick of paint, there are
numerous things to consider before purchasing a quick-flip renovator.
And while anyone with a predilection for positive thinking should be
applauded, with so much money at stake renovations require more than
just blind faith. If you’re keen to purchase a flipper, you must go into
it with your eyes wide open and be prepared to balance the property’s
renovation potential with your budget constraints. The last thing you
want is an unfinished renovation, a poor product or a sizeable debt at
the end.
Get inspired: Renovator’s delights for the savvy buyer
Go subterranean
Make sure you have a look under the house – the subfloor area can
tell you so much about it. You can get a feel for the overall health of
the property and find out what work has been done previously.
The other thing that will be evident when you look downstairs is
whether the property is on a slab or piers. When reconfiguring a floor
plan, a slab is much more difficult to work with and thus more expensive
too. In addition, make sure to check out the health of the piers –
whether brick, concrete or steel, have they been pitted, damaged or
eroded? You don’t want to go through an arduous renovation process only
to have a sale fall through after a prospective buyer gets a report back
showing less than desirable conditions underfoot.
Lastly, make sure to check how much space there is under the house.
For example, if you want plumbing works done under it, limited space
makes it much harder and more costly. Access is always important.
Building materials
When it comes to raw materials, timber is more desirable than brick
from a renovation perspective. It is much easier to cut through walls,
move windows and install doors if you’re renovating a timber stud wall
house. Obviously brick houses can be revamped but you will have to
source identical bricks or be prepared to whip out the render or paint.
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