Rising home prices across the Bayside and general Melbourne area have a lot of enterprising would-be homeowners thinking of ways that they can save. One of the most common ideas here is investing in a house in less-than-stellar condition to try and get in at a lower price. From there, people think they can renovate the property up to be their dream home. While this sounds effective on paper, there’s no guarantee that your fixer-upper is going to meet that TV-level quality, no matter how much work you do. Here’s why.
Appraising An Old House’s Renovation Potential
The fact of the matter is that some properties are going to have a lot of problems, especially if they’ve been neglected for a long period of time. In some cases, such as major structural damage, it’s outside the scope of a reasonable renovation to fix these. When these cases occur, you should make a serious decision as to whether you want to renovate a house or demolish it. Then, you can bring on Mornington builders to create a new house.
How do you decide whether to renovate or demolish? As a start, you need to look at local laws and codes to see if demolition is even on the table legally when checking out a property. Then, as we alluded to earlier, take a full inventory of the property and its existing issues. For example, if the issues you see are largely cosmetic, you have a strong candidate for a renovation. Structural and energy issues will be both more expensive and time-consuming.
The next thing you should do is consider what your goals are for your new home, and how the current home aligns with those. For example, if you buy a property, but need several rooms added to properly house your family, you may be better served to demolish the home and create that larger property from scratch.
Things To Consider In The Bayside
With this said, as options go for renovators, the Bayside is a great example of where there may be potential. The combination of beaches, a great school system, and cultural attractions mean that it’s become a major draw for millennial families looking for a great place to start out. Property investors will likely get many candidates to buy or rent their homes here. However, because the area is naturally established, there are a lot of homes dating back to the WWII era, which cost quite a bit less but requires some extra upkeep. The key is using the factors we’ve mentioned earlier to find out what is reasonable to renovate.
Pop culture has created the concept that your average person can pick up a fixer-upper house at a lower price, make a few minor modifications, and suddenly have a great place to live in or a potential source of profit. However, this isn’t always the case in practice. Some of these homes on the market have undergone too much wear and tear to be good candidates for Mornington Peninsula renovations. The effort and cost necessary to get it ready to live in or sell would end up being more than a comparable house.
In these situations, the best option to handle the property may be demolition above anything else, then building a new property on the land. Not only do you avoid the headaches of a massive renovation, but you will also get to build up a property exactly how you like it. If you’re considering looking into Mornington builders for a new home after demolishing an older one, be sure to reach out to us at Gilpip Homes today for advice and support.