Buying a property to renovate can be a significant task. You will need to ensure that you and your family are up to the task, can afford it and find the right property. It is a good idea to make a plan and discuss this with your family, using age-appropriate language for younger kids.
It is best to ensure all family members are on board, as buying a renovating a property can be a significant upheaval. Here are some of the most important things to do when buying a property to renovate with your family.
Choose The Right Location
Choose a location near to amenities your family needs, such as schools and public transport. Avoid cheap properties if they are in undesirable neighborhoods. Consider areas near your family’s support system.
Don’t Take On More Than You Can Handle
Choose a renovation project that is within your budget. Know your limits at DIY and understand the cost of contracting building work you cannot do. Take on only what you can handle as a family; if you are unsure, move on to the next property.
Understand Local Building Regulations
Building regulations vary from state to state. Check the local building regulations before purchasing a property. Ensure that your plans align with allowed changes to the property.
Make A Plan
Know what you want the finished property to look like. Plan each room and decide on the features you want. Look for properties that have some elements already to cut costs.
Consider your funding options to ensure you have enough money. Take out specialist loans if you qualify, as these can offer better rates or guaranteed loans. For instance, take a look at the VA mortgage calculator for current or previous military personnel.
Have The Property Surveyed
Have a professional survey conducted before buying. This can highlight any issues that are not obvious to the untrained eye. Avoid any property with structural or significant problems.
Talk To Multiple Contractors
Get multiple quotes from contractors to carry out work you aren’t qualified for. Avoid choosing cost over quality. Research testimonials and reviews online for the businesses you consider. Have a reliable, trustworthy electrician, plumber, builder and gas specialist on speed dial.
Be Prepared For Disruption
Living in a property under renovation is a major upheaval. Ensure there is a finished area for you to eat and sleep while works are carried out around the house. Prepare your children for what to expect.
Consider Your Childcare Options
Ensure you have childcare when you are working on the property. Understand which tasks can be done with kids around. Talk to family and friends about babysitting, or contact local daycares.
Set Aside Extra Money – Just In Case
Have a fund for unexpected extra costs. Your budget should be flexible. Save an additional 10-15% on top of your expected budget.