Researching

Got your heart set on a fixer-upper as your first home? Seven expert tips to realise your reno dreams

So you’ve done your research and a fixer-upper feels like the right first home for you. And, you’re 99% sure you’re going to do it. Good on you! The nice news is, you’re not alone. As Belinda Smith of Renovate & Real Estate tells us, these days, many Australian first home buyers like you are choosing fixer-uppers. But along with the joy of making your first home truly your own, there are a couple of things to think about, like juggling all the work, living in while renovating, keeping your energy levels up and – yes, we’re a bank so we’re going to mention money – sticking to budget. To help you get a handle on all that and more, we’ve asked Belinda for her essential tips on all things fixer-upper. Let’s hammer it out!

1. Play by the rules

Research is key, Belinda says. “Walk through as many open inspections as you can to get to know an area well. That way, you’ll know when you have picked a really good property in a really good street.” Then, consider what you’re going to need to do to fix up the property and find out if you’ll be allowed to do it all. “Look really closely at the council regulations, particularly if you’re thinking of doing a structural renovation and will need plans approved.” Generally speaking, you won’t need to submit plans for a cosmetic renovation, like painting the exterior walls or laying new carpet.

“If you’re looking at an apartment, you’ll need strata to review what changes you wish to make,” Belinda tells us. “An engineers report may be necessary if removing or opening up a wall and, when replacing existing flooring, an acoustics certificate with full specifications of the flooring is often requested by strata. These will add time and money to the project.”

It pays to get familiar with the rules from the start. “Simply, the more research you do early on, the fewer surprises you’ll have during the renovation.”

2. Educate yourself before you start

A little (or a lot of) research goes a long way, as Belinda tells us. “It’s important to get educated on what makes a good property and learn the ins and outs of renovation strategies before embarking on a project. There is a lot of money involved, so it’s not a great idea to run a renovation by trial and error. So, get organised. Also, get help. Renovating becomes more fun and much easier when you can count on the advice of someone who has done it before, or you have a community of experienced renovators and happy homeowners cheering you on.”

3. Work out how much money and time to put in

And, it’s important to know your abilities, your skills and your limits. “Renovating your own home while living there removes your time constraints, as there is less rush to get the renovation completed,” Belinda says.

“Only take on the tasks you will enjoy doing, are competent at, and know won’t take too long to do or slow a project down too much. Of course, keep in mind that licensed trades need to be called for electrical and plumbing work.”

On the money side of things, Belinda has a simple guideline to help you consider your budget. “Generally speaking, you could allocate about 10 per cent of the purchase price of the property to the renovation. There are exceptions to that, like factoring in the estimated sales price of the property when it is complete (if you plan to sell later), what your budget allows and, of course, what scale of renovation you’re looking to do.” Keep in mind, not all lenders lend money for all renovations such as a construction loan (for a large scale renovation, extending the home with another room, or making a kitchen bigger for example).

4. Adjust to living in while you’re fixing up

With fixer-uppers, it’s often the case that you’ll need to live in the home while you do the work. Belinda has some advice here. “First, clean the bathrooms and kitchens so they are usable. Then tackle one room at a time. I suggest that the first room to complete is a bedroom, so you have a clean, organised space to rest and enjoy each night. Plus, a bedroom does not take long to renovate. Keep doors shut and seal off rooms with plastic and tape to prevent dust from entering every room. Be mindful of the safety of children in the house, or anyone for that matter, around tradespeople, tools, steps and ladders.”

5. Work productively with builders and tradies

Choosing the right tradie is a smart step, and working on your communication will help, too. “Always check their credentials (things like licences and insurance), and get a sense of the quality of work they have completed before hiring. Don’t rush this. It is important to work with quality tradespeople who are not only capable of doing the job but are also a good personality fit for you. Renovating can involve making a series of quick decisions, so communication is key. Supporting tradespeople so that they can move through your project as smoothly as possible helps, too. So think about things like keeping the worksite organised, ensuring they have easy access to a bathroom and somewhere comfortable and undercover for breaks,” Belinda says.

6. Get advice from agents

It’s true: agents are your allies, as Belinda explains. “It is impossible to be an expert at all things, so there’s nothing wrong with hiring a buyer’s agent who can research and negotiate on the right property on your behalf. At the other end, real estate agents are masters of their craft, too. Both can be very aware of their local area, market demand, buyers’ desires and so on, so they’re great to develop relationships with.”

7. Steel yourself for the physical and emotional journey

Last but not least: get ready for the ride. “It is important to plan, order product in advance and be organised, all to stay on top of the renovation,” Belinda says. “At the same time, it is equally important to not get too wrapped up in it – to not worry about every little detail. You should enjoy the creative process and the outcome, be proud of the final product, reflect back on how the property looked before the renovation and reward yourself for your good work. Ultimately, renovating should not be exhausting. It is important to hire people to share the labour and take some time out when needed. There’s no shame in doing that. In fact, that way you’ll be willing and able to enjoy the ride even more.”