Before purchasing a property spend time looking at what is available in your desired area and study the market thoroughly, This will give you the confidence needed when it comes time to purchase.
Always speak to reputable Estate agents in your area and brief them on your requirements, they may just lead you to the perfect property.
It’s in a great location
“If there’s one thing you can’t change about a property, it’s location,” says Mott. “If a house is in a bad neighbourhood, an inconvenient position, or too close to an undesirable structure like a cell phone tower or ugly apartment block, you can do the most spectacular renovation and still struggle to make a favourable sale.”
Mott says good locations to look out for are homes within popular school catchment areas, close to central business districts, or in trendy neighbourhoods with convenient access to freeways and other amenities. A north facing aspect, mature trees on the property and attractive views are an added bonus.
“Remember, just because an area is popular or trendy doesn’t mean you won’t find fixer-uppers on the market,” he adds. “You often find elderly people moving out of up-and-coming suburbs who are selling homes that make perfect renovation projects.”
It’s structurally sound
Having the ideal location doesn’t always make a property a good fixer-upper. Mott says a sound structure is essential in order to keep renovation costs down.
“Homes with serious structural faults, like unstable foundations or weathered roof beams for example, can take a huge amount of money and expertise to repair,” he says. “This is seldom worthwhile for buyers hoping to resell for a profit in the short to medium term. If you’re not sure about the structural condition of a property, I’d highly recommend getting an expert inspection performed. This is not the kind of issue you want to discover halfway through a renovation!”
It has good layout
A solid structure is certainly an important part, but Mott says layout also can’t be ignored.
“It’s a mistake to assume you can solve every design flaw by knocking down a few walls and opening up the layout,” he says. “If the kitchen or bathrooms are in a weird location, or the bedrooms are all in the coldest, darkest part of the home, it’s going to be difficult to solve that problem in a cost-effective manner.”
Mott recommends looking for homes with convenient room “clusters” – a comfortable bedroom wing, a central kitchen, dining and living area, and logically placed entrances, garden access and bathrooms.
“This enables you to remove a few, non-loadbearing walls to open things up if necessary, and you won’t end up with a family bathroom in the middle of your living space,” he says.
It has predictable renovation costs
Building work is notorious for being unpredictable, but Mott says it’s vital to at least understand the renovation cost ballpark you’re playing in before buying a fixer-upper.
“To make a profit on a fixer-upper, the purchase price plus the total renovation cost needs to be low enough that you can recoup your investment – with a healthy profit – not too far down the line,” he explains. “If you don’t fully understand the renovation costs, it’s all too easy to end up with a money-drain rather than a money-spinner.”
Don't forget to assign a portion of your renovation costs to the garden or green areas, This is often overlooked and can be a deal breaker if the building is beautifully renovated and the garden and outside areas are left unattended.