A home needing work may offer flexibility, but its potential should be tested before buying.
Price the complete project
Obtain building advice and estimates for visible and likely hidden work. Include approvals, professional fees, alternative accommodation, finance and contingency. Unsupported national popularity or average-renovation figures are not a substitute for a property-specific budget.
Plan for uncertainty
Check heritage, planning, easements and strata restrictions where applicable. Consider whether you can hold the property if work takes longer or resale is weaker than expected. Use qualified trades for regulated work. Buying cheaply does not guarantee a profitable renovation or a suitable home.
