How Can You Identify a Property’s True Renovation Potential?

When you’re looking to buy a property, how can you truly tell if
it has renovation potential? That’s the question we dive into in
this episode. With a focus on the top six things to look for, we
cover what adds value and what doesn’t, how to spot hidden costs,
and which projects are best left untouched.


We start with why location is key, and why it’s something you
must get right before you even think about renovations. We also
break down the difference between a cosmetic facelift and a
full-on renovation project, so you can figure out if you’re
better off avoiding that fixer-upper. You’ll hear about the
importance of good bones, solid maintenance, and why not all
renovations will actually increase your property’s value.


We also deep dive into how the layout and orientation of a
property can impact both livability and resale value. Plus, we
touch on the importance of flow—because no one wants a home that
doesn’t make sense, no matter how nice it looks. And let’s not
forget those big expenses like rewiring or re-stumping. They’re
essential, but we explain why they don’t always add the kind of
value you might expect.


By the end of this episode, you’ll have a much clearer idea of
what to look for when assessing a property’s renovation
potential. So if you’re ready to dive into the nitty-gritty and
avoid making costly mistakes, we’ve got you covered! Tune in for
all the details.


Episode Highlights:


00:00 - Introduction


02:16 - Example of a home that you wouldn’t want to bother
renovating


03:41 - The importance of location when choosing a property


08:14 - Top 6 things to look for when assessing the renovation
potential of a property


08:36 - Number 1: Bones of the property/Structural soundness


11:42 - Number 2: Is it well-maintained or neglected?


17:27 - Number 3: Orientation


20:22 - Number 4: Layout


24:48 - Number 5: Ensure appropriate room proportions for the
upgraded layout


28:33 - Number 6: Feasibility


30:54 - Non-value adding renovations — necessary but don’t
necessarily add value


37:43 - Danger zones — things you can’t fix


Resources:



FREE MINI COURSE: How to price property like a
professional https://www.homebuyeracademy.com.au/freecourse

Meet our recommended mortgage brokers at Home Buyer Academy
https://homebuyeracademy.com.au/brokers

Visit our website https://www.homebuyeracademy.com.au/

Join our Facebook Group to get access to free monthly live
Q&A sessions


https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia

Learn how to buy property without making a mistake with our
ultimate 10-step online course for first time home buyers
https://homebuyeracademy.com.au/YFHBG

If you have any questions or would like to be featured on our
show, contact us at: Your First Home Buyer Guide Podcast
-support@homebuyeracademy.com.au

Looking for a Sydney Buyers Agent?
https://www.gooddeeds.com.au

Work with Veronica: https://www.veronicamorgan.com.au

Looking for a Brisbane Buyers Agent?
https://www.propertypursuit.com.au/

Work with Meighan: https://www.linkedin.com/in/meighanwells/



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and share the show! There’s more to come, so we hope to have you
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