7 Reasons To Consider A Fixer Upper For Your Next Home

Buying your perfect home, in your perfect suburb for the perfect budget isn’t as easy as it used to be. This article looks at the benefits of buying a fixer-upper to create your ideal lifestyle – and pocket some savings! 

Download Your Free Ebook: Buying To Renovate - Get Your Perfect Home For Less

1. Afford your favourite suburb

With Melbourne house prices steadily increasing over the years it’s become increasingly difficult to afford your ideal suburb. Often the lower priced properties in a suburb are as much as 30% less than the premium end of that suburb.

This introduces the opportunity to purchase into the suburb with a less than ideal home and then renovate it for less than 30% of its value to turn it into a premium home.

That is, you get your premium home, in your favourite suburb for a more competitive price

2. Overcome scarcity (and the open for inspection merry-go-round)

Some suburbs or locales are tightly held with suitable properties rarely coming onto the market.

But what about properties that are a little less ’suitable’? What if you could purchase one of those and turn it into your dream home?

3. Allows YOU to decide where and how you live

Due to market dynamics many people just can’t live the way they’d prefer or in their ideal location. Buying a fixer-upper and renovating allows you greater control and choice in your circumstances.

4. Create your perfect home for your unique lifestyle

When you buy someone else home, you’re buying their design – their dream. However, if you buy and renovate, you’re customising your home to suit your unique lifestyle needs. See 101 Kitchen and bathroom design ideas

5. Grow your net wealth for the future

Buying a home for $1M and renovating it to $1.5M with a renovation cost of $300k will put $200k in your assets column.

Your bank manager will love you for it and it will give your retirement plans a turbo boost.

Use our home renovation costs calculator.

6. Have confidence in the property you purchase.

Know the property you eventually move into is in good condition for the coming years. You’ll know what you’re getting because it’s been thoroughly improved and any maintenance issues resolved

7. You Can Manage the risks

Renovating can be a challenge but with the right resources in place, using the right system, your final product after your home renovation will work well. Check out the article 5 Home Renovation Nightmares and How to Avoid Them

Download Your Free Ebook: Buying To Renovate - Get Your Perfect Home For Less

 

About The Author - Richard Armstrong is a Director of Melbourne firm, The Makeover Group specialising in adding value to homes through renovation. He’s undertaken innovative post graduate property valuation research to identify what enhancements add the most value to homes in specific Melbourne suburbs. Educated in design and property valuation, he is also a Registered Building Practitioner. To discuss your renovation visit www.themakeovergroup.com.au or call 1300 768 464.