As an owner builder, you’re keen to get cracking on a renovation project and earn your stripes. But what should you look out for when you are an owner builder looking to renovate?
Rather than buying based on emotion, owner builders need to consider making a considerable profit on the properties they purchase.
If you’re starting out as an owner builder or you’re finding it hard to nail your first reno project, we’ve outlined some tips for buying your first home to renovate and what you should look out for ahead of signing on the dotted line.
- Don’t pay more than what the property is worth – when you’re an owner builder, it’s important to buy a renovation project that is not only affordable but listed at the best possible price. Do your research so you can determine if the listed property you’re keen on is a steal or a lemon.
- Check out the neighbourhood – if you’re looking at a stunning property but there is a massive highway overpass being built in the next street you’re going to want to consider whether your purchase is a smart decision.
Take the time to find out what is happening in the street and neighbourhood in the future, review public transport, schools, shops and if there are any future saleability red flags, make sure you don’t have your blinkers on and be aware of these and consider these before purchasing the property.
- Get a building inspection done – no matter how great an owner builder you are, it is important to get a qualified building inspector to check the property and ensure it is suitable for your needs. The extra cost will far outweigh any issues that could be uncovered that might make your renovation a nightmare.
- Research local sale prices – when you’re working out a budget for your renovation project it is important to do some research into expected sales prices so you can determine if what you have purchased the property for and what you are investing in renovations will calculate to a realistic sale price.
- Check the block orientation – as an owner builder, it is important to figure out the orientation of the block and when you will be getting sun and shade so you can not only work out a plan for extra lighting renovations but also work out any plans for extensions and landscaping.
- Budget – this is one of the most important things to consider if you want your owner builder renovation project to be a success. Manage the budget within an inch of its life and be honest about the costs so you can ensure you renovation spend allows you to make a profit on the property.
If you’re passionate about renovating and looking to become an owner builder we have the qualification to suit your needs. We offer a fair trading approved certification via an online owner builder course that is suitable for NSW and QLD residents.
To find out more click here to discover everything you need to know about becoming an owner builder today.