It can be hard to decide what type of property you want to buy. Do you want one that is perfect from you the moment you walk through the door, or are you happy chip away at it slowly to get the house that you want. or do you buy a block of land and create your dream home?
Your choice may be swayed by the funds you have available and your borrowing capacity for your home loan.
Here is our list of reasons why buying a renovator might be the right option for you:
- You can’t find the perfect house anywhere – it might be time to look at houses you can make into the perfect house
- You can’t afford the house in your dream location unless you look at property that needs a little bit of TLC
- You have a knack for design
- You are keen to refix your home, so it become energy efficient which will save you on energy bills
- You are happy to get your hands dirty and learn some DIY
- You will have some surplus funds after the purchase to start the renovations (or you know in a couple of years time you will be ready)
- You are interested in creating a dual occupancy property to give you an income stream
- You are a tradie – you should definitely be buying yourself a renovator!
Remember that renovating your house does mean that you need to spend tons of money. You can change a few cosmetic things and get a totally new look.
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