Buying a ”renovators‘ delight” property in Brisbane
Ah the “renovators’ delight”. A property in Brisbane that fits this description can usually be described as a “fixer upper”, “character filled”, or even a “project”. You know the ones, you drive down the street with beautifully maintained houses and then you pull up outside a house that has seen better days (see example below). Optimists will say these houses are beautiful and worth saving at any cost. Cynics will say they should be demolished. Realists will assess if it’s worth investing the time and money to make it liveable again. Wherever you stand, buying and/or investing in a “renovators’ delight” can be a huge opportunity.
Why buy a “renovators’ delight” property in Brisbane?
These houses can offer many opportunities to many different buyers. Some examples are –
An affordable price for first home buyers
A budget friendly buy for a large block of land
An lower price in an expensive/prestigious suburb
A character project for experienced renovators
A first project for inexperienced renovators
A price well below the market average
In addition to the above, older houses can represent some examples of exquisite craftsmanship. Some come from an era when the materials and structure were handmade.
This house in New Farm is currently for sale and has some beautiful character features.
What should I consider before buying a “renovators’ delight” property in Brisbane?
Houses in need of major restoration or renovation can be a bargain but they can also cause a few headaches. Be clear on why you want to buy the house. For example, is it an investment or a dream home. If it’s an investment be strict on your budget. Know your spending limits and how you’re going to maximise value. If it’s a dream home project buyers need to be prepared for the unexpected. While it pays to set a budget, make sure to allow for plenty of wiggle room for surprises! Patience is another prerequisite when dealing with these houses as they tend to throw a few curve balls. A pre-purchase building and pest inspection is ideal but they may not pick up everything.
This “renovators’ delight” in Woolloongabba just sold.
Regardless, if you’re after a unique house, or one filled with character, or just one that you can afford today, a “renovators’ delight”may just be the right home for you.