A renovator’s delight is a poorly damaged house in desperate need of a makeover. As you can imaging, these houses are sold cheap when measured against houses comparable in location and size. This is because they require an incredible amount of work to make them habitable again. There are no guarantees that you will get a good return on your investment if you purchase one of these houses. If you are wondering whether it is worth the risk to buy a renovator’s delight or maybe you should go for a newly renovated property, then please, read on;
- It is very Affordable!
First things first, a renovator’s delight is sold at an affordable price. If budget is a major factor when you are searching for a new home, you need to compromise on something. If you do not want a run-down house, you may be looking at something smaller, or not in the ideal location. For me, I always opt for location and land size. After all, houses depreciate. All houses need renovations and maintenance at some point, but land values continue to increase over time.
- Starting afresh
Have you ever thought of designing and decorating your new home’s interior to your taste? Buying a renovator’s delight gives you the chance to create your dream home. Unlike the renovated properties, you get to start fresh with a blank canvas and redesign and decorate your empty home the way you want. It is a fun and creative task to do. Therefore, this will be an opportune time to make your imagination come to life. You could design your dream kitchen or modern bathroom to suit your tastes.
- Selling it off for a decent profit
After successfully renovating your home, some choose to sell for a decent profits. This is a good option for those homebuyers who are handy with tools, or have some good contacts. They can buy a cheap place, renovate with a low budget while living in the home, then sell it for a lot more. Some of the expenses needed to add value to the home are very low. For example, sometimes cleaning the carpet is enough to get the flooring looking and feeling amazing! After this, they may like to find another renovators delight and repeat, or they may have made enough profit to buy their dream home.
Other times, the house may need to be fully renovated. If you are highly skilled and handy, you may be able to do many tasks yourself. If you have less experience, you may prefer to hire a professional for the intricate processes, such as bathroom renovations Kew.
- Getting into the market
Some lower income earners have no other option but to get into the market as quickly as possible. Though many try to save, house prices inflate a lot faster than many of our savings account. You are often better off buying a place which needs a bit of work, putting up with it for a few years, and then reassessing your situation. You may then be ready to spend some money fixing the place up, or, upgrading to a nicer home.
- A friendly budget for a large block of land
Buying a renovator’s delight located on a large block makes you a proud landowner. You can purchase a doer upper house at an affordable rate and still be opportune to secure a great location. However, you don’t usually get this from a renovated home. For the same price, you are looking at a lot less land for a fully renovated or new home.
You can choose to buy a renovated house or go to an extreme of getting a renovator’s delight. Hopefully, the above reasons will help you decide.