With property prices in Maryborough staying high, renovating homes is becoming a more appealing option. Purchasing a property to renovate can be a lucrative investment if done correctly, and with many fixer-upper homes currently available, now is a great time to buy a property you can improve over time. Whether the market is up or down, a well-chosen renovation project can provide excellent returns. However, before jumping in, there are a few key points to consider.

What Makes the Right Fixer-Upper?

The best fixer-upper is one that, although it may not be in high demand due to needed repairs, has strong future appeal. Look for homes with cosmetic issues, such as chipped paint, worn carpets or outdated fixtures. These flaws are easy and affordable to fix, but many buyers overlook them, so you might find a good deal. If you’re willing to put in some work, a home like this could be a great opportunity.

What to Avoid in a Fixer-Upper

Not all properties are ideal for renovation. The success of transforming a neglected home into a desirable one depends on a few important factors:

Location

Location is critical when purchasing a home. Consider how the area might impact the home’s value and appeal. A home near a busy intersection, next to a school or close to a noisy industrial area may be difficult to sell, even with extensive renovations. Instead, focus on homes in up-and-coming or established neighbourhoods where future demand is strong. The advice "buy the worst house on the best street" exists for a reason!

Floorplan

A functional floorplan is essential. Avoid homes with awkward layouts, such as those where bedrooms are accessed only through a small kitchen. This can be a hassle, especially for families with children. Look for homes with a natural flow between rooms, and resist the temptation to plan major structural changes—they’re often more complicated and costly than they seem. Be cautious of layouts where bedrooms are split across multiple levels or distant areas of the home, as they might not appeal to families. A good kitchen layout is also key; while it can be renovated, relocating it is expensive and impractical.

Financial Considerations

If a fixer-upper interests you, it’s essential to evaluate the long-term financial impact. Calculate the total renovation costs and ensure they fit within your budget. While it’s tempting to focus solely on purchasing the property, it’s important to understand the full scope of renovations needed and whether the investment will pay off.

The key takeaway is to focus on properties with manageable repairs and a strong location that will boost the home’s value. Also, consider your own renovation experience and how much work you're willing to take on before committing to a fixer-upper that could take years to complete. If you need advice or want to explore properties that are perfect for renovation, contact us at aandgrealty@bigpond.com .

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