the balance between renovating and selling, page-3

Having renovated previously here are some of the issues I find.

I purchased a period home that had been untouched for the last 30 years. Gutted most of it and renovated it to my standards.

I wouldnt purchase a new home so the next one will be another period home. Would I renovate again - NO, will I have to renovate my next home - YES.

When hunting for a house the choice is either buy something already done or get renovators delight.

The problem buying something that is already done is that most are done on the cheap or renovations took place 15 years ago. So straight up you are up for a new bathroom and kitchen anyway. You also pay a premium on these supposedly renovated places.

On the other hand you may find a property that is renovated to your standard and all you have to do is move in. However you will pay a huge premium for this.

Renovators delights can be an overpriced so they are not always a bargain. Every man and his dog thinks he can wack a cheap Bunnings kitchen, lick of paint and polish the floorboard and hey presto money. People always underestimate what a renovation cost so they are willing to pay that little extra to get the property and then later run into trouble.

Overcapitalisation might be an issue if you intend on flipping the property in 12months however if you intent on living in the place it might be worth spending the extra 50k 100k and enjoy the benefits of it over the next 5 10 years.