Buying A 'Renovators Delight' - (Part Three)

Those people adding more space are adding value. Furthermore, there is an unusual inconsistency between what is happening in the outer suburbs and what is occurring in the inner suburbs. There is no question renovating can be costly, but there are some criteria buyers should look for before bidding on a property. Most agents agree that dated, but solidly built houses are the best bargains in today's market. It is most likely that a house renovated in the 1970s or 1980s with solid structure, is the best buy, and will not need major work done. Many get away with mostly cosmetic improvements and very little structural work.

The market will always be strong for untouched, original "renovator's dreams" with old-style features that cannot be easily replicated with modern building techniques. For instance, a property can be a complete dump, but if it has original features, such as original ceiling roses, ornate decorative touches, 12ft. ceilings, and then it will be in demand. If you are thinking of selling an investment house as a ‘renovator’s delight’ then it may be wise to get some information from the REIV (Real Estate Institute of Victoria. They can give you all the information on whether you should I sell your house as a renovators delight? – Or at auctions, agents sales and other methods.

Older properties which have had all these features demolished can also be a good buy, because it' is more difficult for some people to see the potential in these homes and the prices are usually lower. Because there are so many companies now who are selling good quality reproduction ceiling roses, cornices, fire places as so on, it is easy for a person with a good sense of style to make these homes look their best again. Once you have completed your renovations and are ready to sell why not go to OzFreeOnline.com where you can register, login and then place your ad free on their site. They have ads, which are seen all over Australia.

What you must consider is the old real estate cliché of "location, location, location" when deciding how much to outlay when improving a property. For instance, there is absolutely no point in buying a house that backs onto a highway or is in a dingy or dull street. This where you should not to spend a lot of money. It is just not worth it in the end because buyers will not pay good money for a poorly located house.