Renovations

Have you just bought a fixer-upper or still searching for that dream home? I sat down with a good friend of mine who recently bought and talked all things renovations in your home.

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In 2020 and 2021 the rise of ‘fixer-uppers’ and home renovations was at an all-time boom mid-pandemic. With long periods of working from home and trying to keep occupied, many turned to refurbishing their homes with their own unique flare.

Now, with construction costs soaring, Australians have had to put renovations on the backburner for a little while longer.

I spoke with a good friend of mine who bought in mid-2021 with her partner, currently still in renovation-mode after finding undisclosed and hidden issues in her property.

After purchasing, Rachel & Mike* set to refurbing their 2000 built 3-bedroom house, into what they want as their dream home. No doubt the previous owners and real estate beautifully styled the home for sale, but upon moving in Rachel & Mike noticed many issues with carpet stains (skillfully covered by furniture & rugs in open homes) and inoperative air conditioning.

Although the house has been renovated a few years before their purchase, there were still items they wanted to change to make it feel more homely. So far Rachel & Mike have replaced carpet, replaced flooring in dining areas and installed ducted heating & air conditioning.  

Rachel says that with “still the bathroom & backyard to go, reno’s have come to a halt because of prices of materials and hours spent doing the work.”

This begs the question, do you spend more to begin with for an already recently renovated property, or purchase a “fixer-upper”?

While there will always be pros & cons for both, speaking to us about your borrowing capacity & reviewing your current savings and expenses will give you the tools to make this decision.

*Names changed for confidentiality. Thank you to Rachel & Mike for your story.