If you are trying to get on the property ladder with a limited budget, or you are in the market for flipping properties for money, then buying a fixer-upper in Auckland could be the way to go.
Properties that need work often come to the market at a lower price and can have value added easily.
Three ways you can add value to a fixer-upper
- Kitchen and bathroom renovations: kitchens and bathrooms are the two rooms of any house where it is easy to add value by making simple changes.
- Restoring period features: if the property has timber flooring, once-stunning fireplaces or decorative ceiling features that can be restored these can all add up to an attractive property.
- Replacing windows and doors: if the property has old wooden window frames then replacing them with uPVC or new timber can improve the street appeal. Retrofit double glazing is also a popular choice with renovators.
Things to think about when you are considering buying a fixer-upper in Auckland
What is the area like? The area you are buying in can be just as important as the house itself if you are looking to make money in the future. If you are buying in an area that isn’t attractive to other buyers you might lose out no matter how much work you do on the property. Do some research and see which Auckland suburbs are popular or seen as up and coming.
Is the property structurally sound? Whatever cosmetic work you decide to do, if the property isn’t structurally sound you are likely onto a loser. If you have to start fixing damp or replacing roofs then your renovation budget will soon go along with any potential profit. A thorough pre-purchase inspection will help you avoid buying a dud.
How much work can you do yourself? If you are buying a fixer-upper in Auckland and you are a keen DIY-er then you may be able to save costs by doing some work yourself. Factor this in when you are making your purchase offer and budgeting for your renovations.
How long do you plan to stay in the property? If you are buying the house to flip for profit then your renovations need to be focused on maximum value. If you are buying the property for yourself, however, and plan to stay for a few years you need to balance between profit and making the property suit your lifestyle.
Do you have somewhere to go while the work is being done? If you are ripping out kitchens and bathrooms you may need alternative accommodation if you are eventually planning to live in the done up home. Factor this into your budget.
InnoHome can help make sure the property you are thinking about buying is structurally sound
Your potential property might not look good on the surface. But if it has strong bones then this is a good start.
Our Auckland house inspections cover a range of areas including:
- The wider site including drainage
- Roof and roof space
- Exterior cladding and windows
- Interior including wear and tear
Our report will detail all aspects of the inspection including any defects and recommendations for improvement.
If you are buying a fixer-upper in Auckland, book an inspection with us today. We offer a fast turnaround time with a written report within 24 hours. We can give you a verbal report sooner if required.
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