Investing and working on your own renovation project can be a great project to put your time into and is a great way to make money if you do it right. However, one of the biggest challenges you’ll come up against is finding the right property to make it happen.
Some houses will be perfect and are sitting waiting for your attention, whereas others won’t be. Some houses may look great, but once you start digging deeper, you may notice it’s full of problems that mean you’ll make a loss in the long-term.
Today, we’re going to explore the five warning signs you’ll need to look out for when choosing your renovation property, ensuring you’re able to find the house that’s right for you.
Table of contents
1 – Check the Roof
When you’re looking around a property, you might not think to look at the roof because your attention is focusing on the interior, but if the roof isn’t great, this can be an essential yet expensive fix you’ll need to invest in.
Ideally, when checking out the property, you’ll want to get up and there and take a look for yourself. Look for leaks, rusting and structural integrity before making a purchase.
2 – Look for Cracks
In both new and older houses and properties, cracks in the walls, beams or supports is a sign that the building is still moving, which is common in a lot of houses. However, this could be an indication that the house requires re-piling.
This is a very expensive process that could reach a fee of between $10,000 and $20,000, as well as a sign of other problems, such as leaking moisture, which can cause even more expensive damage that will need repairs.
3 – Look into the Joinery
While little things like door handles and window latches might not seem like a very important thing at first glance, it’s vital you look into them because replacing them all, or at least upgrading them, could cost thousands and thousands of dollars; especially if structural repairs need to be done.
4 – The Age of the Property
It goes without saying that the age of the property you’re looking at is so important because the older it is, the more likely it is to have problems. Typically, you’re going to want to invest in the help of an inspector if the property is 20 years older or more.
If you’re looking into a new property, such as ones offered by project homes Sydney, the risk is a lot less.
5 – Consider the Property Location
No matter where you are in the world, buying a property in a certain location and then doing work on it will only be possible depending on the council rules for that area.
If you’re planning to add to a property, build an extension, or make the building higher, this could be a long-winded process if you have to wait for official consent; consent that’s not always guaranteed.
As you can see, there are plenty of things you’ll need to think about to make sure the property you’re purchasing isn’t going to turn into a renovation nightmare. Be mindful and aware when you’re looking around the property to try and spot any potential risks, regardless of whether they’re big or small.