Considerations: Buying a Renovators Delight in Melbourne
Melbourne renovation costs – 4 important considerations
It’s a big decision. Should you buy a newly renovated property or go the other extreme and buy a “renovators delight” that needs a lot of work?
Here are four important considerations!
1. How quickly do you need to move into the new home?
Are you buying the Melbourne property as a home and planning to move in after the sale? Then you must consider how much work you must do before it’s “liveable.”
This can put pressure on your timelines especially if you can’t afford renting elsewhere until the renovation is complete.
2. Is it worth it or is better to build a new Melbourne home instead?
Estimate the time you have to devote to renovating the property versus just buying a completely new property.
The latter could be a better option if it takes months (or years) to renovate.
On the other hand, taking on the renovation can prove to be a profitable exercise especially if it adds incremental property value.
3, Do you have the patience and experience to renovate?
The more complex the renovation, the risk it is for you, especially if you have never renovated before.
Remember that smaller renovations can also make a big difference.
By talking to qualified builders you can determine how much structural complexity is involved.
An interior designer or home designer can help evaluate the property’s potential to increase space and bring to life your vision.
4. Do you fully understand the cost of renovating in Melbourne?
Always get a property pre-purchase building inspection report completed. This will reveal any major property issues that must be rectified or considered when renovating. Assess the cost of these.
And always be over-conservative with your renovation budget- even by 20-30%. You never know what will come up!
Use a Melbourne building cost estimator and get more clarity over your renovation costs
Melbourne construction cost estimators like Newin Building Estimating Services remove much of the hassle and uncertainty of understanding costs and budgets when building or renovating. By helping home renovators and builders accurately estimate construction costs, you can gain more control and visibility over your project in order to make the right decisions.
Call today to find out more.
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