Before you buy a property to transform into your dream home, there are a few things to consider.
When inspecting older homes for sale, most people walk through and think about how they would make improvements or add their personal touch.
From a fresh coat of paint to a new kitchen, there are many ways to transform a property into a home that suits you.
Buying a do-up property lets you design your own home without having to build it from scratch. But it’s a project that still requires time, effort, and patience.
When looking for the right house to turn into your dream home, here are some important things to consider.
Set clear goals
It’s easy to fall in love with the wrong property when you first explore listings. Without clear goals, you could end up feeling attached to a home that doesn’t fit your future.
Whether it’s room to grow a family, a fence for the dog, or enough space to work from home, look for a property with the potential to meet your needs now and in the future.
Your wants vs needs
You may be excited to start knocking down walls but buying a doer-upper to live in is different from buying to flip. This will be your home, so renovating over time as you pay down the mortgage and build equity might be a smarter approach.
Be sure to prioritise your needs before your wants when planning. For example, do you need a home theatre straight away, or is fixing the bathroom more important?
Your time and energy
Many homeowners don’t recognise the time and emotional labour involved with renovating. It can be a massive commitment with many decisions to make along the way.
Consider the emotional energy required for your project. If you work full time, don’t underestimate how exhausting it can be to strip wallpaper when you get home each night.
Your living situation
Living in a home while extensive renovations take place can put a big strain on your daily life – especially when the kitchen or bathroom is out of action.
Can you handle camping in the garden or crashing with the in-laws? If you prefer a more comfortable option, plan ahead to stay with friends or at an Airbnb.
Your building work
Any serious homebuyer should bring in their builder for an inspection. With a fixer-upper, it’s also crucial to check the property files and review the LIM (Land Information Memorandum) report to make sure it reflects what you see.
To avoid problems down the line, discuss consented and non-consented work with your builder. Exploring the impact of potential renovations could save a lot of disappointment.
Your finances
If you need a home loan to secure your ideal doer-upper property (and perhaps some extra funds for the renovations), speak with a mortgage adviser as early as you can.
Discuss your plans, how much you might need, and when you’ll need it. Your adviser will then help you put the right structure in place to make your dream home a reality.
Are you ready to get started?
Buying and transforming a property into the perfect home is still the Kiwi dream for many.
If you’re ready to start your do-up project, talk to your local Mike Pero Real Estate Agent or Mortgage Adviser to help make your home buying dreams a reality.