Rising building costs have deterred home buyers from choosing properties that need a renovation.The strategy of buying the worst home in the best street and renovating it has fallen out of favour, but experts said there could be opportunities now for buyers who can stomach a renovation.Conventional wisdom suggests buying the worst house in the best street and renovating it, but buyers are avoiding fixer-uppers in droves as construction costs rise.
“There’s a lot of uncertainty in terms of what renovations are going to cost to do at the moment, so buyers are a little bit nervous about going down that path,” Elite Buyer Agents founder and director Kim Easterbrook said. “There’s a lack of supply of quality renovated homes. If someone is prepared to do the hard yards of going through the pain of renovating – it’s not for the faint-hearted – if they’re prepared to go through that, they may find themselves in a better position.
“Wouldn’t you be buying it close to the bottom, and suck it up for 12 months and then get the builders in?” “So many buyers are nervous about construction costs and the unknown of what a renovation or a rebuild is going to end up costing,” he said.
Nah Give it a year
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