Finding the potential in an “ugly duckling” property!

pic-1-novProperty is all about location, location, location, however it’s much easier to fall in love with a home that looks all shiny and new.
Older homes may not look as pretty on first glance but they can have a lot of potential if they’re located in the right spot and if you’re willing to do a little bit of handy work.
Some buyers are intimidated by the thought of renovating a property and dismiss older properties based on this, but most renovations aren’t as hard as they seem.
Old daggy carpets can be ripped up and replaced; new kitchens and bathrooms can be put in and quirky walls can be painted over.
As long as a property is structurally sound, it could have the potential to become the home of your dreams, and if it has some heritage value then it could even become more valuable than new homes in the same area.
You don’t need to do all of the renovations yourself. For things that are too difficult you can hire the experts to come in and do the hard work for you.
Keep in mind that even brand new homes can require renovations if they don’t meet a buyer’s wants or needs, so don’t be deterred because a couple of things about a property don’t meet your expectations.
If you can look past a few cosmetic changes and find potential in a property that others can’t then you might be able pick up a bargain and turn it into a home that is perfectly suited to you.
A few things worth considering when looking at older properties:
– Before buying consider the costs of labour or materials for the things you want to change
– Be careful of overcapitalising. Compare the property to renovated properties in the area to see if renovating adds significant property value
– Always get a building and pest inspection to ensure you’re not taking on more than you can handle

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